French shipping company CMA CGM Group has extended the Ocean Alliance agreement with Cosco Shipping, Evergreen and Orient Overseas Container Line (OOCL) until 2027.
The alliance was launched in 2017 by the four container shipping lines to enable the companies to provide competitive products and comprehensive service networks.
It was launched for an initial five-year period with an option for a five-year extension.
CMA CGM Group chairman and CEO Rodolphe Saadé said: “This new agreement with our Asian partners will enable us to propose to our customers an unrivalled 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.”
CMA CGM also signed a deal with the Ocean Alliance partners to launch the Day 3 Product under the extended agreement.
Scheduled to be rolled out in April, the Ocean Alliance Day 3 Product will involve approximately 330 container ships, 111 of which will be run by CMA CGM Group.
With an estimated carrying capacity of nearly 3.8 million twenty-foot equivalent units (TEUs), the Day 3 Product will serve 19 transpacific routes.
The Ocean Alliance Day 3 Product will also cover seven services between Asia and Europe, four services between Asia and the Mediterranean, two transatlantic services, four services between Asia and the Middle East, as well as two Asia-Red Sea services.