Tokyo: The ceos of the box alliance the Grand Alliance extended their cooperation pact for another ten years today. Founded in 1998, the alliance members are Hapag-Lloyd, MISC, Nippon Yusen Kabushiki Kaisha (NYK), and Orient Overseas Container Line (OOCL).
"We have enjoyed a very close partnership and been able to respond to market changes rapidly and together realise cost savings. Our customers benefit from our modern tonnage, excellent port coverage and attractive transit times. There was thus no doubt about our wanting to continue our successful cooperation for a further ten years," the ceos confirmed at the signing of the agreement.
Whether or not, under Europe's scrutinizing anti-monopoly glare, the Grand Alliance can remain in tact for another decade remains to be seen.
P&O Nedlloyd left the alliance two years ago following its takeover by Maersk. Since then the alliance formed a partnership with the New World Alliance, whose members comprise MOL, APL and HMM. [01/08/07]
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.
