China rejects P3 Alliance

Newsflash – China rejects P3 AllianceChina’s Ministry of Commerce have ruled against the formation of the P3 Alliance. 3 of the largest Carrier’s; CMA, MSC and Maersk planned to co-operate on multiple levels. Combined, they would have had a near 50% share of the market. Lloyds Loading report the ministry as stating that: “Other than undermining other market players, P3 is likely to put the interests of shippers and ports in jeopardy”.CMA have stated they are, “…confident that (we) will maintain (our) operating performance and continue to over-perform the industry.” A similar message comes from MSC who state, “We are disappointed by the decision of Chinese Ministry of Commerce but will continue our efforts to operate more efficiently and provide our clients with a comprehensive and excellent service.”We will keep you updated of further developments.