China Dashes Lines' Hopes for P3 Vessel Sharing Agreement in East-West Trades
By: Maritime Executive June 20, 2014
The Chinese Ministry of Commerce announced that they have not approved the P3 Network, a long-term operational vessel sharing agreement proposed by MSC, CMA CGM and Maersk Line. The MOFCOM's decision follows a review under China's merger control rules.
On 18 June 2013, the three lines announced their intention to establish the P3 vessel sharing agreement on the East – West trades. The overall aim with P3 was to make container liner shipping more efficient and improve service quality for the shippers due to more frequent and reliable services.
On 24 March 2014, the U.S. Federal Maritime Commission decided to allow the P3 Network agreement to become effective in the US, and on 3 June 2014, the European Commission informed the P3 partners that it had decided not to open an antitrust investigation into P3 and had closed its file.
P3 was scheduled to start operations in the autumn of 2014.