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.