CMA CGM, COSCO Container Lines, Evergreen Line and Orient Overseas Container Line have signed a memorandum of understanding to form a new alliance called the Ocean Alliance.

Subject to regulatory approval, the alliance will begin operations in April 2017, with an initial period of five years.

“This new partnership will allow each of its members to bring significantly improved services to its respective customers,” said the carriers in a statement. “Shippers will have an attractive selection of frequent departures and direct calls to meet their supply chain needs, including access to a vast network with the largest number of sailings and port rotations connecting markets in Asia, Europe and the United States.”

According to the statement, the combined fleet will include more than 350 vessels, which will be deployed on about 20 Asia-Europe services and about 20 Asia-US services.

“The Ocean Alliance is a very ambitious operational agreement,” said Rodolphe Saadé, vice president of the CMA CGM Group. “CMA CGM, and its new partners, will offer more than 40 maritime loops, providing its customers with an enhanced network of services and fast transit times.”

CMA CGM is currently in the Ocean Three alliance. COSCO and Evergreen are in the CKYHE alliance, while OOCL is in the G6 alliance.

Further details and transition plans are yet to be announced.