China-based COSCO Shipping Ports and CMA Terminals Holding, the CMA CGM port subsidiary, have signed a memorandum of understanding (MOU) to reinforce cooperation in port operations and investments.
Under the deal, signed on January 20, the two parties said they would cooperate in ports worldwide and preference will be given to ports that the Ocean Alliance calls.
Both sides have also agreed to provide support in terms of business and service to the ports that the other side has already invested.
“Since the establishment of the Ocean Alliance, the cooperation between COSCO SHIPPING Ports and CMA Terminals Holding has become closer. Both sides wish to create more opportunities in global port investment and operation,” CMA CGM said.
The discussion of cooperation began in early 2016 and on this basis, both sides have recently reached consensus and signed the MOU.