After Chinese regulators surprised the shipping industry and blocked a proposed alliance between three of the world’s largest shipping companies, reports say two of the original alliance members have decided to form their own joint venture.
Denmark-based Moller Maersk and Geneva-based MSC Mediterranean Shipping Co. were among the three sea freight shipping firms that had planned to form the P3 alliance, cleared by EU and US authorities but blocked by Chinese authorities earlier this year.
Maersk and MSC will now form the 2M pact as the companies hope to salvage some benefits of a partnership they had planned before. According to reports, because the joint venture is a smaller scope than the P3 venture, the 2M pact will not likely face antitrust opposition.
The partnership is set to begin early next year, reports say.
Full content: Wall Street Journal
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