Evergreen joins to make it the new CKYHE AllianceEvergreen joins to make it the new CKYHE Alliance

The lines intend to formally start operations on 1 March subject to compliance with the relevant regulations, they said in a statement. The alliance will operate on trades between Asia and Europe, including the Mediterranean region.

Members of the CKYHE Alliance said that they have agreed to continuously review services on the Asia-Northern Europe and Asia-Mediterranean trades in order to optimise their efficiency and to enhance their service quality in terms of network coverage.

They added that they would continue to pursue measures to minimise bunker consumption through eco slow-steaming and to reduce carbon dioxide emissions.

According to analyst Alphaliner, the five lines have a combined global market share of 16.8% in terms of operating capacity as at 1 January 2014.

Four of the lines, Cosco, K Line, Yang Ming and Hanjin Shipping, are already in an existing partnership running the CKYH Alliance.

The latest CKYHE Alliance follows the proposed P3 Network which will see the world's top three lines, Maersk Line, CMA CGM and Mediterranean Shipping Co (MSC), come together to potentially dominate up to 45% of the global boxship market share.