The OCEAN Alliance of CMA CGM, COSCO, Evergreen and OOCL, the world’s largest operational agreement between shipping companies, has extended its duration for a further ten years.
Following the signing of a new service agreement, which will see 330 vessels operating on 38 different services, all four parties signed documents to prolong their collaboration until March 31, 2027.
According to a statement, the OCEAN Alliance has operated in an orderly fashion since it was launched in April 2017, with smooth communications established between all members.
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Each party is currently satisfied with the high quality of OCEAN Alliance products, which offer comprehensive coverage, high frequency, distinct port pairs and a reliable schedule for all of the organizations involved.
The ten year extension is expected to benefit the OCEAN Alliance’s preparations for the challenges facing shipping in the future, with trade talks between the world’s major economic powers the US and China still ongoing.
In addition to this, all members of the carrier body have agreed to perform the necessary procedures for related regulators, ensuring their operations conform to existing maritime rules.
38 services, 330 containerships and an estimated carrying capacity of around 3.8 million TEUs > the updated Ocean Alliance Day 3 Product offers our customers a new unparalleled optimized service, available from April 2019 https://t.co/mJc6LJClbO#shipping #maritime #transport pic.twitter.com/JOT9fCXxRN
— CMA CGM Group (@cmacgm) January 16, 2019
A further statement from COSCO read: “COSCO SHIPPING Lines is looking forward to providing high quality service to the customers as always.”
Mr. Andy Tung, Co-Chief Executive Officer of OOCL, also commented on the extension and new service agreement: “We are very proud to be rolling out a renewed set of industry-leading products in the third phase of the OCEAN Alliance product line this year.
“In today’s tough industry environment and volatility in the global marketplace, it is important that we are able to maintain our operational agility and move quickly to adopt to any changes in the global supply chain.”