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Just one day less than a year after Maersk, MSC and CMA CGM announced the formation of the P3 Network, the plans of the world’s three largest carriers are in ruins after China’s Ministry of Commerce today announced it would not approve the proposal.
As a result, all plans for the vessel-sharing agreement (VSA) have been dropped. A spokesman for Maersk told The Loadstar there were no contingency plans to operate in regions where it had received approval.
“You will not see ...
Comment on this article
Ricky Forman
June 17, 2014 at 2:28 pmIs it really much of a surprise that China has rejected the P3? With their national interests at heart and the fact that COSCO and CSCL are in a dire financial position, it was always unlikely that China would give the green light. How much time and resource has been wasted by the top 3 as a result of this failed alliance? It will now be harder for unit costs to be lowered, and as a result carriers may look to increase rates as their alternative strategy…..