Beijing: The Chinese Ministry of Commerce (MOFCOM) has announced that it has not approved the P3 Network (P3). P3 was a long-term operational vessel sharing agreement proposed by MSC, CMA CGM and Maersk Line. MOFCOM’s decision follows a review under China's merger control rules.
The P3 partners have agreed to stop the preparatory work on the P3 Network and the P3 Network as initially planned will not come into existence.
“The decision does come as a surprise to us, of course, as the partners have worked hard to address all the regulators’ concerns. The P3 alliance would have enabled Maersk Line to make further reductions in cost and CO2 emissions and not least improve its services to its customers with a more efficient vessel network. Nevertheless, I’m quite confident Maersk Line will accomplish those improvements anyway. It has delivered on those improvements over the last five quarters in the absence of P3 and I’m confident it will continue to do so,” said group ceo Nils S. Andersen.
Speculation some months back had suggested Beijing was pushing for a Chinese carrier to enter the P3 Network as a quid pro quo for green lighting the alliance. [17/06/14]