HLAGF - Maersk Hapag-Lloyd enter long-term cooperation deal

2024-01-17 06:20:58 ET

Shipping giants A.P. Moller-Maersk ( OTCPK:AMKBY ) ( OTCPK:AMKBF ) and Hapag-Lloyd ( OTCPK:HLAGF ) have reached a long-term collaboration to deliver an "interconnected ocean network with industry-leading reliability."

Called "Gemini Cooperation", the new cooperation will comprise a fleet pool of around 290 vessels with a combined capacity of 3.4M containers, of which Maersk will deploy 60% and Hapag-Lloyd 40%.

The cooperation will comprise of 26 mainline services, covering seven trades: Asia / US West Coast, Asia / US East Coast, Asia / Middle East, Asia / Mediterranean, Asia / North Europe, Middle East – India / Europe and Transatlantic.

The two companies have set the ambitious target of delivering a schedule reliability of above 90% once the network is fully phased in.

The deal is due to commence in February 2025. As a consequence of joining this cooperation, Hapag-Lloyd ( OTCPK:HLAGF ) will leave THE Alliance end of January 2025.

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