Americas News
P3 Plans Mid-2014 Startup
The P3 alliance of the world's three biggest container shipping companies is likely to start operations in mid-2014, Reuters reports based on statements from Maersk Line.
Approval from the U.S. Federal Maritime Commission (FMC), which applies to routes to and from U.S. ports, takes effect Monday, but the alliance is still waiting for a green light from Chinese and European regulators to start worldwide operations.
"North America and the U.S. in particular is a key shipping market," a spokesman for Maersk Line said.
"Therefore, the decision by the FMC is a very important step towards overall approval of P3."
Maersk Line, which is joining with Mediterranean Shipping Co. (MSC) and CMA CGM in the consortium, said it expects those approvals by the middle of the year.
The EU is still assessing P3 because it would cover more than the 30 percent market share allowed for shipping alliances, according to European Competition Commissioner Joaquin Almunia, who declined to say when the EU will issue a decision.
Under the planned agreement, the three carriers would pool about 250 ships operating on Asia-Europe, trans-Pacific and trans-Atlantic routes, representing 24 percent of the trans-Pacific market and more than 40 percent of the other two regions.
In its approval of the alliance, FMC said the plan will have a positive environmental impact, reducing bunker consumption by optimising vessel routing.
