The U.S. Federal Maritime Commission (FMC) has approved the formation of the OCEAN Alliance effective as of October 24, 2016. The announcement follows an exhaustive review process that was thoroughly examined to assure that competition in the ocean transportation industry would not suffer.
The OCEAN Alliance is comprised of COSCO Shipping, CMA CGM, Evergreen Marine, and Orient Overseas Container Line Limited (OOCL). Members are now permitted to share vessels, charter and exchange space on each other’s ships, and enter into cooperative working arrangements in international trade lanes.
“The Commission worked very hard to balance the needs of not only the OCEAN Alliance applicants, but all other parties involved in the intermodal supply chain, with the ultimate goal of safeguarding competition in international oceanborne common carriage, with the American shipping public foremost in mind. The Agreement going into force represents a consensus of what will allow OCEAN Alliance carriers to achieve efficiencies without harming the marketplace,” noted Federal Maritime Commission Chairman Mario Cordero. “I applaud both Commission staff and the filing parties for not only their hard work, but the professional manner in which they addressed matters raised during the review process.”