Maersk Shipping, Mediterranean Shipping, and Modern Container Shipping have reached a strategic cooperation agreement.

　　Maersk Shipping, Mediterranean Shipping Company, and Hyundai Merchant Marine announced yesterday that they have reached a new strategic cooperation agreement.

　　The three parties will cooperate in various ways, including slot exchanges, slot purchases, and the leasing and operation of certain vessels previously leased by Hyundai Merchant Marine, which will be taken over by Maersk Shipping and Mediterranean Shipping Company. The content of this cooperation is outside the existing cooperation scope of the Maersk Shipping and Mediterranean Shipping Company vessel sharing agreement (2M), but Hyundai Merchant Marine will be able to use the 2M alliance's route network. This strategic cooperation will bring new development opportunities for Maersk Shipping, especially on the trans-Pacific route, as the 2M alliance will be able to leverage Hyundai Merchant Marine's strong service on that route.

　　Maersk Shipping's Chief Operating Officer Søren Toft stated: "We are very pleased to have reached a strategic cooperation agreement with Hyundai Merchant Marine, Korea's leading container shipping company. This cooperation will help us enhance the service of the 2M alliance's route network and support our business development on important trans-Pacific routes. We look forward to benefiting our customers through these new opportunities."

　　This strategic cooperation agreement is subject to approval by regulatory authorities and is expected to begin operations in April 2017. The initial cooperation period of the agreement is three years, with the possibility of extending the cooperation period after it expires, and the scope of cooperation may further cover major east-west routes. The relevant parties are expected to disclose specific information about route network adjustments and schedules in early 2017.