Members of the Ocean Alliance published a statement today to announce extending their shipping agreement by five more years.

CMA CGM, Evergreen, OOCL and COSCO Shipping will now continue with their partnership until 2032.

"The decision to extend our cooperation for at least five more years forges our commitment to meet our customers' needs," said Mr Rodolphe Saadé, Chairman and CEO of the CMA CGM Group.

Launched in 2017, the Ocean Alliance is currently the world's largest shipping network. The news comes nearly a month after Hapag-Lloyd and Maersk announced establishing a new alliance, the Gemini Cooperation.

Uncertainty remains concerning the future of the THE Alliance after Hapag-Lloyd departs the group in February 2025.

In the meantime, the Gemini Cooperation published the network it plans to adopt next year, with promises of achieving over 90% reliability through the hub-and-spoke model.