CMA CGM, COSCO Container Lines, Evergreen Line, and Orient Overseas Container Line today signed a memorandum of understanding to form a new alliance.

The carriers say the arrangement will enable of them to offer competitive products and comprehensive service networks covering the Asia-Europe, Asia-Mediterranean, Asia-Red Sea, Asia-Middle East, transpacific, Asia-North America East Coast, and transatlantic trades.

“This new partnership will allow each of its members to bring significantly improved services to its respective customers,” the member carriers said in a statement. “Shippers will have an attractive selection of frequent departures and direct calls to meet their supply chain needs, including access to a vast network with the largest number of sailings and port rotations connecting markets in Asia, Europe and the United States.”

“The Ocean Alliance is a very ambitious operational agreement,” added Rodolphe Saadé, vice chairman of the CMA CGM Group. “CMA CGM, and its new partners, will offer more than 40 maritime loops, providing its customers with an enhanced network of services and fast transit times.”

The member carriers say the alliance will also bring service reliability and the most efficient integration of the latest vessels in a fleet of over 350 containerships. “Initially the deployment will cover more than 40 services globally mostly connected with Asia, including about 20 services each in the U.S. and Europe related trades,” their statement said.

Subject to regulatory approvals, the new alliance plans to begin operations in April 2017 with an initial agreement period of five years.