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Members of the Ocean Alliance, the world’s largest operational agreement between shipping companies, met in China last week to sign a five-year extension of the deal.

Launched in 2017 for an initial period of five years with an option for a five-year renewal, Ocean Alliance will now continue its cooperation until 2027.

Executives from CMA CGM, COSCO, Evergreen and OOCL – four of the top ten shipping lines in the world – took part in a signing ceremony on Friday (18 January) in Hainan, China. 

“The confirmation of the ten-year duration of this partnership only two years after its launch reflects the trust and high-quality working relationship established between CMA CGM and its partners within Ocean Alliance, to the benefit of the CMA CGM Group’s customers,” the CMA CGM Group said in a statement. 

During the ceremony, the companies also launched the ‘Ocean Alliance Day 3 Product’, which will see the four firms about deploy 330 container ships with a total capacity of 3.8m TEUs starting in April 2019. 

The new agreement offers what they say is “an unrivalled and competitive service” that includes seven services between Asia and Europe, four services between Asia and the Mediterranean, and two Transatlantic services.

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By GlobalData