CEVA Logistics announced that it signed a multi-year ocean capacity agreement with  South Korean ocean carrier Hyundai Merchant Marine (HMM).

CEVA said the deal, which lasts into 2025, builds on the two companies existing relationship and brings CEVA's ocean partner network to 14 global and regional carriers.

Meanwhile, HMM was already an existing ocean carrier for CEVA, and the new agreement expands that relationship with both companies agreeing to increase the level of collaboration.

"CEVA is connecting more shippers with ocean capacity through a newly signed agreement with South Korean ocean carrier HMM, the 8th largest global provider of container shipping by 20-foot equivalent units (TEUs)," the global logistics company said in its announcement. 

It added that as an independent Non-Vessel Operating Common Carrier (NVOCC), CEVA manages Full-Container Load (FCL) and Less-than-Container Load (LCL) shipments to and from 237 countries around the world.

The company also offers more than 60,000 port pairs and 600,000 door-to-door combinations. 

"Our position as a leading NVOCC is dependent on the strong relationships we maintain with ocean carriers. Despite challenging market conditions, HMM has proven to be a strong, reliable partner over the last several years, and this agreement solidifies and expands what we expect to be a long-term, strategic relationship that will enable us to make vital connections in global commerce in service to our ocean cargo customers," said Stephane Gautrais, global head of ocean freight, CEVA Logistics.

Jeremy Choi, chief of global trade management, HMM, for his part also noted the long-term partnership between CEVA and HMM.

"We cherish the strategic relation and business collaboration having been built up for many years. Based on this agreement, we anticipate both companies to create and provide more workable and productive solutions together to the market customers in need," Choi said.

In 2021, CEVA managed approximately 1.4 million TEUs of FCL and LCL ocean cargo.