An ongoing downturn in the container shipping industry which began in 2013, and that was caused by various factors such as weak global GDP, muted demand for container shipping, sluggish global trade growth, and container vessel overcapacity left the container shipping market crippled.[1][2] The slump has precipitated a wave of mergers and acquisitions coupled with reshuffled vessel sharing alliances as container lines scramble to stay financially viable. Consequently; due to the decline in the industry, CSCL's parent China Shipping Group entered advanced merger talks with its larger government-owned compatriot, the COSCO Group in October 2015.[3] By late December 2015, the two announced a formal merger after regulatory and antitrust approval.