COSCO, “K” LINE, YANG MING, HANJIN AND SENATOR FILE PACIFIC ALLIANCE PACT

COSCO, “K” LINE, YANG MING, HANJIN AND SENATOR FILE PACIFIC ALLIANCE PACT

COSCO, “K” LINE, YANG MING, HANJIN AND SENATOR FILE PACIFIC ALLIANCE PACT

   The five carriers of the new, unnamed Asian global alliance — COSCO Container Lines, “K” Line, Yang Ming, Hanjin Shipping and its subsidiary Senator Lines — have filed a major cooperative agreement covering the transpacific West Coast trade with the U.S. Federal Maritime Commission.
   Subject to FMC approval, the “COSCON/KL/YMUK/Hanjin/Senator Asia/U.S. Pacific Coast Slot Exchange Agreement” will replace several existing vessel-sharing agreements between    the carriers.
   The proposed agreement would authorize the parties to charter container space to and from each other, and rationalize port calls and sailings in the trade between the U.S. Pacific Coast and Japan, Korea, China, Taiwan, Singapore, Malaysia, the Philippines, Vietnam, Thailand, India, Sri Lanka, Pakistan, and Bangladesh.
   COSCO Container Lines, “K” Line, Kaisha, Yang Ming and Hanjin Shipping had announced plans to form a global alliance last September. The alliance will effectively replace two smaller alliances — the COSCO/”K” Line/Yang Ming alliance and the United Alliance.