Members of the OCEAN Alliance have signed the Day One Product document, setting out the proposed network, including port rotation for each service loop.
Under the agreement, the French shipping company CMA CGM, China’s COSCO Container Lines, Hong Kong-based Orient Overseas Container Line (OOCL) and Taiwanese Evergreen Line, plan to deploy around 350 container vessels with an estimated total carrying capacity of 3.5 million TEUs.
The parties will provide twenty Transpacific services with an estimated 160 port pairs, including 13 Asia – West Coast North America services and 7 Asia – East Coast North America and U.S. Gulf services.
Additionally, the companies would provide six Asia – Europe services with an estimated 110 port pairs, five Asia – Mediterranean services with some 165 port pairs, three Transatlantic services covering 70 port pairs, five Asia – Middle East services calling 70 port pairs, and two Asia – Red Sea services with 35 port pairs.
“The signing of the Day One Product marks an important step forward to show just how committed we are in developing the most competitive products to market and the high level of synergy and confidence we share in the partnership,” member carriers said in a statement.
Furthermore, the members noted that they filed the Master Agreement (Alliance Agreement) to Ministry of Transport of the People’s Republic of China and that the U.S. Federal Maritime Commission (FMC) and South Korea’s Ministry of Oceans and Fisheries (MOF) have expressed approval of the OCEAN Alliance.
The OCEAN Alliance has also completed its EU self-assessment compliance review.
Moving forward, the OCEAN Alliance said that it will continue to work closely with all the authorities to ensure full compliance with applicable laws and regulations and secure the necessary regulatory approvals for the OCEAN Alliance to commence operations from April 1, 2017.