China set to endorse P3 alliance later this month

Chinese regulators are expected to endorse the proposed P3 Network between the world’s three leading container lines later this month, the Wall Street Journal reported.

Two people familiar with the matter were quoted as saying that Beijing has been waiting to see how the US and Europe would respond before giving its own ruling on the shipping tie-up of this scale and complexity, it was reported.

This week, the European Commission has informed the members of the P3 Network that it will not open anti-trust proceedings, allowing the shipping alliance to remain in compliant with EU competition law.

In March, the US Federal Maritime Commission (FMC) decided to allow the P3 Network agreement to become effective in the US.

CMA CGM, Maersk Line and Mediterranean Shipping Company (MSC) announced in June 2013 their intention to establish a long term operational vessel sharing agreement which is the P3 Network.

Subject to all the relevant regulatory clearances, P3 is scheduled to start operations in the last quarter of this year.

Posted 06 June 2014

© Copyright 2019 Seatrade (UBM (UK) Ltd). Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Seatrade.

Lee Hong Liang

Asia Correspondent

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