Global Shipping Lines Extend Vessel-Sharing Agreement -- Update [MarketWatch]
COSCO SHP HLDG UNSP/ADR (CICOY)
NASDAQ:AMEX Investor Relations:
coscointl.com/en_ir_ho.asp
Company Research
Source: MarketWatch
China's Cosco Shipping, French CMA CGM, Taiwan's Evergreen and Hong Kong-based Orient Overseas Container Line formed the Ocean Alliance in 2017 with the current agreement set to end in 2027. Advertisement The companies have now agreed to extend the deal for at least another five years to 2032. Shipping alliances have long been used as a way for container lines to offer broader geographic coverage while bringing costs down, and the companies said Tuesday that the deal extension will ensure they can continue to provide a stable and reliable service. "The decision to extend our cooperation for at least 5 more years forges our commitment to meet our customers' needs and build even more secure, reliable and sustainable supply chains," said CMA CGM Chief Executive Rodolphe Saade. Advertisement The agreement comes at a time of mounting challenges for the shipping industry. After riding the wave of booming trade and record profits from a surge in demand for goods during the pande
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