US Agency Approves Ocean Alliance Service
The Federal Maritime Commission has approved the formation of the Ocean Alliance, a group of four of the largest ocean carriers that intend to begin a new service arrangement in April.
The alliance, one of several that have been proposed or created to aid ocean carriers’ financial situation and service, includes Cosco Shipping, CMA CGM, Evergreen Marine and Orient Overseas Container Line Ltd. The companies announced their intention to coordinate services earlier this year.
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According to the agency's announcement, “An exhaustive review process” was conducted “to assure that competition in the ocean transportation industry would not suffer.”
FMC’s approval permits vessel sharing, exchanging space on each other’s ships and creating agreements to serve freight routes linking the United States with Asia, Europe and the Middle East.
"The agreement going into force represents a consensus of what will allow Ocean Alliance carriers to achieve efficiencies without harming the marketplace," FMC Chairman Mario Cordero said.
