World News
Gemini Cooperation Approved But Will Need 'Rigorous Monitoring': FMC
The US Federal Maritime Commission has given its approval for the Gemini Cooperation between container lines AP Moller-Maersk and Hapag-Lloyd to go ahead, while saying the deal will need 'rigorous monitoring' for anti-competitive consequences.
The two container lines announced the deal, which will involve sharing capacity on routes between the US and Asia, the Middle East, and Europe, in January.
The FMC has allowed the deal to take effect from this week, it said on Monday.
"I have questions and concerns about whether the Gemini Cooperation Agreement filed with the FMC has, or will, result in anti-competitive consequences that violate the Shipping Act," FMC Chairman Daniel B Maffei said in a statement on the regulator's website.
"That said, current law does not provide the Commission with any additional time to further evaluate the proposed Agreement and no viable way to stop it from taking effect at this time.
"So, while the agreement does take effect, I have joined my colleagues in ordering FMC staff to engage in immediate and ongoing rigorous monitoring of the Gemini Cooperation Agreement to ensure that it doesn't illegally impact US importers, exporters, covered service providers, and consumers."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 578.00 | 3.00 | 624.00 | 1.00 |
| Rotterdam | 506.00 | 0.00 | 613.00 | 3.00 |
| Houston | 504.00 | 3.50 | 631.50 | 3.00 |
| Fujairah | 573.50 | 0.50 | 774.00 | 0.50 |
| Global 20 Ports Average | 591.00 | 0.50 | 730.50 | 3.00 |
| Global 4 Ports Average | 540.50 | 0.50 | 660.50 | 2.00 |
| Global Average Bunker Price | 636.50 | 0.50 | 803.50 | 4.50 |
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