Shipping giant COSCO sets sail for big time

China Ocean Shipping Company (COSCO) announced on Friday it had bought China Ocean Shipping Tally Company (COSTACO), in a move expected to sharpen the competitiveness of the country’s largest shipping firm. The merger is seen as a big step in China’s State-owned enterprises (SOEs) reform because COSCO was on the central government’s list of 30 to 50 promising large SOEs, which are being strengthened to tackle global competition.