Cosco Shipping International (Singapore) is considering acquisitions but is not in a position to explain its unusual trading following reports of a deal with Orient Overseas Container Line (OOCL).

The Singapore-listed entity of Cosco Group was answering a question from the Singapore Stock Exchange (SGX) over “unusual price and volume movements”.

A report from the Wall Street Journal claimed that the Chinese giant could announce a $4bn deal to acquire OOCL as early as July.