COSCO Shipping’s and CMA CGM’s port operating subsidiaries have signed an agreement aimed at increasing their cooperation on port operations and investments worldwide.
According to a statement, under the new Memorandum of Understanding (MOU) signed by COSCO Shipping Ports and CMA Terminals Holding, preference will be given to ports called at by the Ocean Alliance, of which both COSCO Container Lines and CMA CGM are part.
The MOU followed discussions of a collaboration between the companies started in early 2016, with their cooperation becoming closer with the establishment of the new alliance.
The Ocean Alliance, which also includes Evergreen Line and Orient Overseas Container Line (OOCL), is set to commence operations from April 1 this year.
The network is expected to deploy approximately 350 container vessels, for a total carrying capacity of about 3.5m teu.
The French CMA CGM will have the largest share among the partners, with a fleet of 119 ships and a 35% capacity share.
The alliance’s members are set to operate a total of 40 services on the East-West trades, with about 100 ports of call and almost 500 port pairs.