MSC, Maersk Line and Hyundai Merchant Marine (HMM) have confirmed the signing of a formal agreement, officially launching a new strategic cooperation on East-West trades.

The new cooperation, which comes into effect on Saturday, April 1, 2017, includes a series of slot exchanges and slot purchases.

The length of the cooperation is three years, with an option to extend, said a release.

Ms Caroline Becquart, Senior Vice-President and Head of Vessel Sharing Agreements at MSC, said: "We are extremely pleased to be confirming this new cooperation¦ and to be extending further options to our customers.

"We constantly explore ways in which we can enhance our client offering and confirm our role as a trusted and reliable transportation partner. This announcement is a very positive step which will bring considerable benefits for our customers utilising the Transpacific trade services."