The OCEAN Alliance — whose members are CMA CGM, COSCO Shipping, Evergreen Line, and Orient Overseas Container Line (OOCL) —  is extending its partnership through 2032.

The shipping lines signed documents to agree on the extension of the OCEAN Alliance for five years until March 31, 2032.

The announcement said OCEAN Alliance has provided services with more frequency and coverage to meet the requirements of customers to cope with the increasing global trade development since April 2017.

"OCEAN Alliance would like to deliver a clear and positive signal to our customers to ensure stable and reliable service with the confirmation of at least five years cooperation extension," the members said in a statement.

"We are convinced that as a sustainable and responsible alliance, we can provide continuous, high-quality transportation to our customers and contribute to a globally stable supply chain in compliance with all applicable laws and regulations," it added.

Chief executive officers of the CMA CGM Group, COSCO SHIPPING, Evergreen and OOCL signed in Shanghai the Memorandum of Understanding.

Launched in the spring of 2017, OCEAN Alliance is the world's largest operational shipping network and the backbone of trade routes for international commerce.

Rodolphe Saadé, chairman and CEO of the CMA CGM Group, said since 2017, the CMA CGM Group has been committed alongside its partners within the OCEAN Alliance to combine the largest shipping network with best-in-class services.

"The decision to extend our cooperation for at least 5 more years forges our commitment to meet our customer's needs and build even more secure, reliable and sustainable supply chains. Our diversity is our strength; together, we will continue to pioneer our industry," he said.

According to Danish maritime data analysis firm Sea Intelligence, the Ocean Alliance has a total capacity of 4.3 million TEUs, accounting for 16% of global fleet capacity.

The other shipping alliance, 2M — between MSC and Maersk, which will end in 2025 — has a total capacity of 2.82 million TEUs, representing 11% of global capacity, while THE Alliance — between ONE,  Hapag-Lloyd, HMM, and Yang Ming — has a combined deployed capacity of 3.03 million TEUs, which represents 12% of global capacity.