The proposed P3 shipping alliance could be falling apart after Chinese authorities unexpectedly rejected the partnership between three of the world’s largest shipping containers, according to reports.
China’s Ministry of Commerce defied expectations and disapproved of the partnership that involves the Mediterranean Shipping Company from Switzerland, CMA CGM from France, and Denmark’s Moller-Maersk.
Moller-Maersk announced Tuesday that it has now abandoned the P3 alliance plans due to China’s decision. The news was met with a blow to Moller-Maersk shares.
The joint venture, first announced last year, had already received approval by the US Federal Maritime Commission; the European Commission decided earlier this month not to open an antitrust probe into the matter.
Full content: Reuters
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