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US Regulators Agree Shipping Giants' Alliance

by Ulrika Lomas, Tax-News.com, Brussels

01 April 2014


An alliance between the world's largest container shipping companies – Maersk Line, Mediterranean Shipping Company (MSC), and CMA CGM – which was initially intended to be in place by mid-March, is expected to be operational from the middle of this year after the deal was approved by US regulators.

The P3 Network Vessel Sharing Agreement, first announced in June 2013, would involve the pooling of 255 vessels, or vessels with capacity for 2.6 million twenty-foot equivalent units, to operate jointly on Asia-Europe, trans-Pacific, and transatlantic routes.

At the time, Maersk explained that the alliance would serve to improve each of the companies' operational efficiency allowing the firms to achieve higher profits on routes that are suffering from overcapacity and rock-bottom rates. The alliance will improve the companies' utilization of vessel capacity, and offer clients a more consistent service with fewer cancellations, it said.

TAGS: business | marine | law

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