Announcing the signing, Chinese shipping major COSCO Shipping Lines said that OCEAN Alliance operates stably and orderly under smooth communication among all members since April 2017.

“All members are satisfied with the high quality of OCEAN Alliance product with comprehensive coverage, high frequency, distinct port pairs and reliable schedule,” COSCO added.

“All members are convinced that, with the confirmation of ten years cooperation, OCEAN Alliance could cope with the challenge in future and our alliance would be united and strong. We will perform the necessary procedures to related regulators and ensure the operation of OCEAN Alliance compliance with laws and regulations.”

The signing of the documents comes just a day after the alliance announced the launching of its Day 3 product. Under the new service offering, the partners said they would cover 38 services using 330 vessels with an estimated carrying capacity of around 3.8 million TEUs.

The alliance was launched on April 1, 2017 with an estimated total carrying capacity of over 3 million TEUs.