Westports loses out in P3 service spread

Singapore: As anticipated Port Klang is the big loser among the region’s ports with the unveiling of the service patterns of the P3 Network, the east west operational alliance formed by Maersk, MSC and CMA CGM.

The grouping have provided details on 28 loops involving 252 vessels embracing 30 sectorial weekly services, with a tar get start date in May 2014.

Singapore and the Port of Tanjung Pelepas will serve as hub ports for many of the loops at the expense of recently-listed Westports in Port Klang.

French box watchers estimate Westports, home to CMA CGM for a number of years, will lose more than half of its current Asia-Europe port calls. Similarly, in Europe Rotterdam is set to lose more than 50% of its Asia-Europe calls with the P3 plans.

For Westports, which timed its IPO extremely well last Friday ahead of the bad news, its key client is now China Shipping Container Lines; the Shanghai line will have very strong bargaining power when negotiating with the Malaysian terminal in the future.  [22/10/13]

 

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