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Maersk “surprised” as P3 falls, will reach its goals alone

Maersk “surprised” as P3 falls, will reach its goals alone
P3 partner Maersk was “surprised" by China’s decision to block the P3 network sharing agreement, but will achieve its benefits alone.

"The decision does come as a surprise to us, of course, as the partners have worked hard to address all the regulators' concerns." stated Maersk Group ceo Nils Andersen.

The P3 alliance between Maersk, CMA CGM and MSC was announced on 18 June 2013 and abandoned today after Chinese regulators blocked the deal.

"The P3 alliance would have enabled Maersk Line to make further reductions in cost and CO2 emissions and not least improve its services to its customers with a more efficient vessel network. Nevertheless, I'm quite confident Maersk Line will accomplish those improvements anyway. It has delivered on those improvements over the last five quarters in the absence of P3 and I'm confident it will continue to do so."

Maersk stated that the failure of the P3 initiative will have no material impact on its financial results.