Shipping alliance of CMA CGM, Cosco and Evergeen takes up five-year renewal option through to 2027. Ocean Alliance partners revealed its revised service network from April 1 earlier this week.
Executives from all three liner operators signed off on the alliance extension in Hainan, China, on Thursday
THE Ocean Alliance container shipping venture has agreed to extend its partnership through to 2027.
The co-operation extension involving CMA CGM, Cosco, OOCL and Evergreen was signed by executives of the respective parties at a ceremony held in Hainan, China.
Ocean Alliance, representing the largest operational co-operation in the container shipping industry, was launched in 2017 for an initial five-year period, including a renewal option for an additional five-year term.
The extension comes shortly after the alliance announced changes to its network from the start of April 2019.
Although capacity offered by the trio of lines has been increased as part of the reshuffle, the number of services and indeed ships has been cut compared to its prior offering.
Ocean Alliance shrinks to fit demand
Ocean Alliance total capacity increases, but number of ships and services is cut
CMA CGM chief executive Rodolphe Saadé said that along with its Asian partners, his company will “enable us to propose to our customers an unrivaled and competitive service offering”.
“It is a milestone in our development strategy,” he said. “It reinforces the CMA CGM Group in its key position within the industry.”
From April 1, Ocean Alliance will have around 330 containerships to its name with a carrying capacity in the region of 3.8m teu.
The alliance operates on the Asia-Europe, transpacific and transatlantic trade lanes.