(Costas Paris – WSJ)
The French container-shipping giant CMA CGM SA said Tuesday it has formed an alliance with China Shipping Container Lines Co. and Middle East shipping major United Arab Shipping Co. to share vessels on some of the world’s busiest trade routes.
The new alliance, called Ocean Three, is expected to deploy about 150 ships that would move roughly 20% of all cargo between Asia and Europe and 13% and 7% across the Pacific and Atlantic oceans, respectively, people involved in the deal said.
The move comes after larger rivals Maersk Line and Mediterranean Shipping Co. sealed a 10-year tie-up in July that is expected to save them billions of dollars in operating costs. Read more here.