(Reuters – Hapag-Lloyd and Maersk have signed a new long-term collaboration agreement, which will start from February 2025 and reach a combined capacity of 3.4 million containers (TEU), the two shipping companies said on Wednesday.

In a joint press release, the two companies announced that they were aiming for deadline reliability greater than 90%, once the agreement, nicknamed “Gemini Cooperation”, was fully implemented.

Rolf Habben Jansen, chief executive of Hapag-Lloyd, said his company would benefit from efficiency gains and joint efforts to accelerate the decarbonization of the entire sector.

His counterpart at Maersk, Vincent Clerc, said the agreement would strengthen the integrated logistics offering and make it more reliable.

The joint pool will include 290 vessels, of which 60% will be deployed by Maersk, the world’s second largest container ship operator, and 40% by Hapag-Lloyd, the world’s fifth largest group.

As a result of the agreement, Hapag-Lloyd will leave at the end of January 2025 the maritime alliance THE Alliance which brings together the Japanese Ocean Network Express (ONE), the Taiwanese YangMing and the South Korean HHM (formerly Hyundai Merchant Marine ).

A year ago, Maersk said it would end the 2M alliance signed with rival MSC.

On the stock market, Hapag-Lloyd rose shortly after the announcement before erasing its gains, while Maersk gained 1%.

Hapag-Lloyd is due to provide further details of the operation at 2:00 p.m. GMT.

Several sources highlight the relevance of the deal and its emphasis on reliability, which has become crucial since the COVID-19 pandemic upended global supply chains.

For Hapag-Lloyd, one partner rather than three could make things simpler.

The two partners also reported decarbonization strategies with a goal of carbon neutrality in 2040 for Maersk and in 2045 for Hapag-Lloyd.

(Written by Vera Eckert, Corentin Chappron, edited by Blandine Hénault)

Copyright © 2024 Thomson Reuters