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FRANKFURT (Reuters) -Hapag-Lloyd (DE:HLAG) and Maersk (CO:MAERSKb) have signed an agreement for a new long-term collaboration starting February 2025 with a combined capacity of 3.4 million containers (TEU), the two shipping companies said on Wednesday.

As a part of the agreement, called Gemini Cooperation, the two companies have set the ambitious target of delivering schedule reliability of above 90% once the network is fully phased in, they said in a joint statement.

Rolf Habben Jansen, chief executive of Hapag-Lloyd, said his company would benefit from efficiency gains in operations and joint efforts to further accelerate the decarbonisation of the wider industry.

His Maersk counterpart, Vincent Clerc, said the deal will strengthen integrated logistics offerings and make services more reliable.

The shared pool, involving the world's number 2 and 5 container ship operators, will consist of 290 vessels of which Maersk will deploy 60% and Hapag-Lloyd 40%.

As a consequence of the agreement, Hapag-Lloyd will leave the shipping alliance called THE Alliance as of end of January 2025.

Hapag shares were up 2.6% and Maersk shares up 1% shortly after the announcement.

Hapag-Lloyd, Maersk sign long-term collaboration deal