COSCO Shipping Ports has signed a memorandum of understanding (MOU) with CMA Terminals Holding in Shanghai to seek cooperation in port operations worldwide, said a joint statement.
Both sides have also agreed to provide support in terms of business and service to the ports that the other side has already invested.
Cosco Shipping Ports managing director Zhang Wei and CMA CGM executive officer Farid Salem signed the MOU in the presence of senior executives of both companies.
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.
The discussion of cooperation began in early 2016 and on this basis, as both sides had recently signed the MOU, said the statement.