AMERICAN President Lines (APL) and Orient Overseas Container Line (OOCL) have reached a new agreement to extend their current space charter arrangement until January 2005. The agreement is subject to certain conditions, including approvals required from US regulatory bodies. The extended agreement could result in additional services on a broader geographic scale. The current agreement between the two companies covers a five-loop service between the Far East and the US West Coast, sharing of terminals and several feeder operations within Asia. Mr C.H. Tung, chairman and chief executive officer of Orient Overseas (International) Ltd, of which OOCL is the main liner service subsidiary, said: ''It is very gratifying to see that we have now reached our goal of a long-term partnership.'' He said building on the success of the last two years, the new agreement would go a long way towards achieving the two companies' common objectives and meeting customers' needs. Mr George Hayashi, president and chief executive officer of APL, said: ''We are very glad that we have now enhanced our successful partnership, paving the way for co-operation on a broader scale. It is another milestone for our two companies.'' APL has executed contracts to build a series of fourth-generation (C11-class) container ships which are scheduled for delivery in 1995. In a related development, OOCL has confirmed it is in the final stage of negotiations with shipyards to build a series of container ships of similar compatibility. This will mean OOCL and APL could have several options for vessel deployment to enhance operations on both the trans-Pacific and other possible service routes as partners or with possible third parties. The two carriers are discussing the possibility of co-operation on the Far East-European service route. Oakland-based American President Lines is the leading US-flag container line offering ocean and intermodal transportation services in Asia, North America and the Middle East. With headquarters in Hong Kong, OOCL is a global transportation company active in all the major trade lanes, including trans-Pacific, trans-Atlantic, Far East-Europe, Far East-Australia and intra-Asia. With more than 135 offices in 40 countries and fully integrated inland transportation and information networks connected to more than 22 ocean routes, OOCL places great emphasis on its world-wide customer service.