Global Shipping Lines Extend Vessel-Sharing Agreement

By Dominic Chopping A group of Asian and European shipping lines have agreed to extend a vessel-sharing agreement as freight carriers continue to navigate a market beset by overcapacity and low freight rates. China’s Cosco Shipping, French CMA CGM, Taiwan’s Evergreen and Hong Kong-based Orient Overseas Container Line formed the Ocean Alliance in 2017 with the current agreement set to end in 2027. The companies have now agreed to extend the deal for at least another five years to 2032. After the pandemic-fueled cargo boom, when freight demand outstripped the supply of ships, freight rates have come under pressure with…