Named P3 Network, the new route will operate a capacity of 2.6m teu with an initial 255 vessels on 29 loops on three lanes – Asia-Europe, transpacific and transatlantic.
Maersk Line will contribute approximately 42% of the capacity or about 1.1m teu, MSC will contribute 34% of the capacity or 0.9m teu, and CMA CGM will contribute 24% or 0.6m teu.
The lines intend to start operations in the second quarter of 2014, while finalisation and signing of the relevant contracts are planned for the fourth quarter of this year.
The new long term alliance will mean that each of the lines are able to offer more weekly sailings in their combined network than if they do individually. For example, the P3 Network plans to offer eight weekly sailings between Asia and Northern Europe. In addition, the new network will offer more direct ports of call.
“Declining volume growth and overcapacity in recent years have underlined the need to improve operations and efficiency in the industry,” the lines said in a joint statement.
“This has prompted the creation of other operational alliances such as G6 and CKYH. Using the P3 Network the lines expect to be able to improve their efficiency through better utilisation of vessel capacity.”
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