Maersk Line, Mediterranean Shipping Company (MSC) and Hyundai Merchant Marine (HMM) have reached an agreement to enter into a new strategic cooperation.

The cooperation is a combination of slot exchanges and slot purchases between the three parties, as well as Maersk Line and MSC taking over a number of charters and operations of vessels currently chartered to HMM.

Although the cooperation is outside the scope of MSC and Maersk Line's 2M vessel sharing agreement, it will provide HMM access to the 2M network.

Maersk Line said that the cooperation will provide new opportunities for the company.

The strategic cooperation will enable the company to enhance our 2M network and presence in the important Transpacific trade, Søren Toft, Chief Operating Officer, Maersk Line, said.

The agreement is scheduled to begin in April 2017 subject to regulatory approval.

The initial term of the cooperation is three years with option to extend and covers key East-West trades.

More information about network changes and schedules are expected to be disclosed in early 2017, according to Maersk Line.