New container shipping group to rival Maersk, Mediterranean

Some of the world’s biggest container operators, including China’s Cosco Group and France’s CMA CGM, agreed to form a new shipping alliance that will rival the dominance of giants Maersk Line and Mediterranean Shipping Co. in the lucrative Asia-to-Europe ocean trade. The Wall Street Journal reports the new grouping, to be called the Ocean Alliance, also will include Hong Kong’s Orient Overseas Container Line and Taipei-based Evergreen Marine. The formation of the alliance is subject to regulatory approvals from the U.S., the European Union and China, all of which have closely scrutinized a series of full-blown tie-ups and looser partnerships recently in the container-shipping business.