Maersk, Hapag-Lloyd Form Shipping Alliance -- Update
17 Januar 2024 - 11:37AM
Dow Jones News
By Dominic Chopping
Danish shipping giant A.P. Moeller-Maersk and Germany's
Hapag-Lloyd are teaming up to form a new vessel-sharing agreement
from next year as the companies move to combat mounting challenges
for the industry.
Following the end to the pandemic-fueled cargo boom, when
freight demand outstripped the supply of ships, the industry has
been left with a surplus of vessels and sharply lower freight
rates, while the recent escalation of hostilities in the Middle
East has forced shippers to divert their vessels by thousands of
miles.
The long-term deal announced Wednesday--dubbed Gemini
Cooperation--seeks to boost efficiencies and help accelerate the
companies' decarbonization efforts by delivering a flexible and
interconnected ocean network, they said.
A fleet pool of around 290 vessels will be used in the
collaboration, offering a combined capacity of 3.4 million
containers, with Maersk deploying 60% of the ships and Hapag-Lloyd
40%.
Maersk has a total fleet of around 740 vessels while Hapag-Lloyd
has 264.
As a result of the agreement, Hapag-Lloyd will leave the THE
Alliance that it currently participates in with Korea's HMM,
Singapore's Ocean Network Express and Taiwan's Yang Ming at the end
of January 2025, it said.
Maersk previously said that its 2M alliance with Mediterranean
Shipping Company would end in January 2025.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
January 17, 2024 05:22 ET (10:22 GMT)
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