Freight News, Sea

Another shipping shake-up as ocean alliance confirmed – updated

[ April 23, 2016   //   ]

Following several weeks of speculation, CMA CGM, COSCO Container Lines, Evergreen Line and Orient Overseas Container Line have confirmed that they are to form a new grouping, the Ocean Alliance.It will offer services including Asia-Europe, Transatlantic, Asia-Mediterranean, Asia-Red Sea, Asia-Middle East, Trans-Pacific, and Asia-North America East Coast.

In a statement, its members said that would bring significantly improved services with frequent departures on a fleet of over 350 containerships.

Initially the deployment will cover more than 40 mostly Asian services including about 20 services each in the US and Europe related routes. Further details will be released later.

Subject to regulatory approvals of competent authorities, the new alliance plans to begin operations in April 2017, for an initial period of five years.

Hot on the heels of the announcement, UASC – currently CMA CGM and China Shipping’s partner in the Ocean3 alliance, said that it was in merger talks with German-owned Hapag Lloyd.

Meanwhile, South Korea’s Hanjin was reported to be trying to reach a deal with its creditors, after its shares plunged by a third on 25 April. One possibility that has been floated is a merger with fellow Korean line Hyundai.

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