French shipping company CMA CGM and its business partners COSCO Shipping 601919.SS, Evergreen 2603.TW and OOCL said on Tuesday that they had agreed to extend their 'OCEAN Alliance' co-operation deal for another five years beyond 2027, to 2032.
The 'OCEAN Alliance' partnership aims to help customers deal with their supply chains by offering up fast transit times and access to a wide range of ports, said CMA CGM.
The agreement to extend the partnership was signed in Shanghai on Tuesday.
"The decision to extend our co-operation for at least five more years forges our commitment to meet our customers' needs and build even more secure, reliable and sustainable supply chains," said CMA CGM Chairman and CEO Rodolphe Saade.
(Reuters - Reporting by Tassilo Hummel and Gus Trompiz; Editing by Sudip Kar-Gupta)