Ocean Alliance, is the world’s largest operational agreement between container shipping lines in the world and has Cosco (incorporating OOCL), CMA-CGM and Evergreen – 3rd, 4th and 7th largest container lines in the world respectively – as its members..
In what is seen as a confirmation of the trust and the strong relationship forged the partners in the Ocean Alliance, this agreement which was launched in 2017 for an initial period of 5 years, has now been extended till 2027..
This extension was signed in Hainan, China, with the executives of Cosco Shipping, Evergreen and OOCL..
As per CMA-CGM “The confirmation of the 10-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.”
Speaking on the occasion, Rodolphe Saadé stated: “This new agreement with our Asian partners will enable us to propose to our customers an unrivaled and competitive service offering. It is a milestone in our development strategy. It reinforces the CMA CGM Group in its key position within the industry.”
The Chinese container shipping giant COSCO Shipping Lines said that OCEAN Alliance has been operating smoothly and has been quite stable since April 2017.
On the signing of the extension, Cosco noted “All members are satisfied with the high quality of OCEAN Alliance product with comprehensive coverage, high frequency, distinct port pairs, and reliable schedule.
All members are convinced that, with the confirmation of ten years cooperation, OCEAN Alliance could cope with the challenge in future and our alliance would be united and strong. We will perform the necessary procedures to related regulators and ensure the operation of OCEAN Alliance compliance with laws and regulations.”
Ocean Alliance also launched their new Ocean Alliance Day 3 Product which is expected to commence in April 2019 which will have below key features :
- Around 330 container ships with an estimated carrying capacity of around 3.8 million TEUs ;
- 19 Transpacific services ;
- 7 services between Asia and Europe ;
- 4 services between Asia and the Mediterranean ;
- 2 Transatlantic services ;
- 4 services between Asia and the Middle East ;
- 2 Asia-Red Sea services
Ocean Alliance is one of the major alliances between container shipping lines with others being the 2M comprising of Maersk, MSC, and ZIM Line on some trades, and THE Alliance comprising of Hapag-Lloyd, ONE and Yang Ming..
Together, these global shipping alliances account for almost 83% of the global container shipping market and a customer shipping cargo anywhere in the world would have at some stage or other used one or more or all these alliances/alliance partners..
could you plsexplain the structure functionning and finace behind the alliances