The alliance comprising CMA CGM, Cosco, OOCL and Evergreen was launched in 2017 for an initial period of five years with an option for a five-year renewal, but the partner lines have opted to extend to the full ten year period just two years into the alliance's operation.
The agreement to extend the alliance was signed in Hainan, China on Thursday.
Rodolphe Saadé, chairman and ceo of the CMA CGM said: “This new agreement with our Asian partners will enable us to propose to our customers an unrivaled 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.”
The Ocean Alliance operates around 330 containerships with a combined capacity of 3.8m teu.
It is one of three major alliances that dominate the major container trades along with 2M comprising Maersk and MSC, plus ZIM on some trades, and THE Alliance made up of Hapag-Lloyd, Ocean Network Express and Yang Ming.