Israeli container shipping company ZIM has reached a deal with 2M alliance members Maersk Line and Mediterranean Shipping Company on a new strategic cooperation on the Asia – US East Coast trade.
Starting in early September 2018, the companies will operate five loops between Asia and the U.S. East Coast. ZIM will operate one loop and 2M will operate four loops, and the parties will swap slots on all loops.
Currently, Maersk Line and MSC operate five loops and ZIM operates two loops on the trade.
The cooperation with the 2M Alliance represents a major upgrade for ZIM’s Pacific services, with improved port coverage and transit time as well as cost efficiencies, the company said.
Maersk Line says the cooperation will generate cost efficiencies and provide new opportunities for customers who get access to an improved product on the Asia – USEC trade, including a new direct product from the US East Coast into Thailand.
“We are pleased to enter into this strategic cooperation with ZIM. We will improve our combined product portfolio between Asia and the US East Coast and deliver on our promise to customers while creating the needed operational efficiencies for us to run a sustainable business on the trade also in the future,” says Søren Toft, Chief Operating Officer, Maersk Line.
The cooperation is scheduled to begin in early September 2018 and is subject to regulatory approval.
The initial term of the cooperation is four years with an option to extend it to seven years in total. The parties expect to disclose more information about network changes and schedules on the trade as soon as possible.