Consolidation of shipping lines: in recent years consolidation has gained momentum within the shipping container market through Mergers & Acquisitions, as well as through Alliances aimed to produce economies of scale and cut operational costs (especially in major routes). Judging by the latest news (Cosco has submitted a binding offer for OOCL), the amount of global relevant shipping lines has reduced to 12, and may likely continue to reduce to 6-8 in the medium term. In addition to the ongoing M&A process, major shipping lines are joining their forces into 3 alliances to operate the East-West routes.