Cosco and CMA CGM said they plan greater cooperation in their terminals businesses as part of their partnership in the Ocean Alliance.
Cosco Shipping Ports and CMA Terminals Holding in Shanghai signed a memorandum of understanding with regard to their worldwide port operations. The memorandum says preference will be given to ports that the Ocean Alliance calls upon.
In addition, the two companies said they will provide each other support in terms of business and service to the ports in which the other side has already invested.
Cosco Shipping Ports has majority or minority ownership stakes in 38 ports in China and partial stakes in seven ports overseas. Cosco made its biggest splash into the port market last year through its purchase of the Port of Piraeus, Greece's largest, for $315m.
CMA Terminals owns 13 terminals worldwide.
"Since the establishment of the Ocean Alliance, the cooperation between Cosco Shipping Ports and CMA Terminals has become closer," the two companies said in a joint statement. "Both sides wish to create more opportunities in global port investment and operation."
