Global Shipping Lines Extend Vessel-Sharing Agreement [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. After the pandemic-fueled cargo boom, when freight demand outstripped the supply of ships, freight rates have come under pressure with a surge in new vessel launches creating a supply glut. Adding to complexities, recent attacks on merchant vessels in the Red Sea have forced shippers to divert their vessels by thousands of miles, which has increased fuel costs and sent freight rates higher. Advertisement 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 an stable and reliable service. "The decision to exte
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