New Shipping Alliance Formed
COSCO, K Line, YangMing, Hanjin and Evergreen Line announced that the five parties have agreed in principle to establish a shipping alliance. To be operational only on the trades between Asia and Europe, including the Mediterranean region, it will be called the CKYHE Alliance.
The lines intend to formally begin the new Alliance as of 1st March 2014 subject to compliance with the relevant regulations. The CKYHE will commence operations in mid April with six joint services operating between Asia and Northern Europe and four loops dedicated to the Asia-Mediterranean route.
The members of CKYHE have agreed to continuously review services on the Asia-Northern Europe and Asia-Mediterranean trades in order to optimize their efficiency and to enhance their service quality in terms of network coverage. The lines' customers will benefit from a better quality of service in terms of transit times and service frequency.
Operational efficiencies will also strengthen the Alliance members' effective environmental stewardship. The lines have a commitment to cleaner shipping, which they understand their customers value highly. The Alliance will continue to pursue measures to minimize bunker consumption via 'eco-slow steaming' and to reduce CO2 emissions.