P3 keeps foot on accelerator

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Interesting news for those shippers who complain about lengthening transit times caused by slow-steaming – the latest research from Drewry would suggest that the proposed P3 schedule is likely to result in faster transit times, particularly for existing clients of MSC and CM CGM. With average speeds of 18.2 and 17.8 knots on their respective Asia-North Europe services, these two carriers already operate some of the slowest services on the trade. However, combining with Maersk, which operates at the fastest average speeds, will not only push up their speeds, but also present a strategic challenge to other carriers and alliances. Given the continuing high cost of fuel, will they respond by also increasing speeds?