World News
P3 Alliances Promises Work for "the Common Good"
Lars Michael Jensen on Wednesday was named the future CEO of the P3 Network Center, and has told industry news site Shipping Watch that being in charge of the alliance of three major container carriers will mean maintaining a neutral position and considering the needs of the alliance as a whole.
"It will be my job to make sure that the network created by the three carriers runs as smoothly, efficiently, and reliably as possible," he said.
Jensen, a former trade manager for Maersk Line who has worked on previous collaborations with the two other carriers, MSC and CMA CGM, said the Network Center must connect the three companies while also protecting against improper collusion.
"There will be watertight shutters in place between us and the carriers, but we will also serve as a bridge between the three carriers," he said.
Jensen said the biggest challenge will be balancing the needs of the companies.
"Say a strike happens, what do we do then? Which ships do we prioritize?" he said.
"We'll have to make that call, and it may not be a call that all three partners agree upon.
"In that case, we'll have to do what's best for the common good."
P3, which will be based in London and have about 200 employees there and in Singapore, will be established pending final approvals from Chinese, European, and U.S. authorities.
Jensen said operations should begin in about six months.
"I need to gather the operational A-team, and then we have to show that we can sail all these massive ships in a sensible and efficient way that customers will want to use."
The P3 alliance, first announced in June, promises to save the carriers money by letting them share space on each others' ships to minimise waste.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 624.50 | 1.00 | 732.00 | 8.50 |
| Rotterdam | 571.00 | 3.00 | 758.00 | 16.50 |
| Houston | 591.50 | 4.00 | 760.00 | 5.50 |
| Fujairah | 629.00 | 0.50 | 877.50 | 3.00 |
| Global 20 Ports Average | 637.00 | 0.00 | 819.00 | 3.00 |
| Global 4 Ports Average | 604.00 | 0.00 | 782.00 | 5.50 |
| Global Average Bunker Price | 688.00 | 2.50 | 879.00 | 1.00 |
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