2M Alliance Charts Ships’ New Course

by swisscham in Business

Container ship operators from China will face fresh pressure from the newly formed 2M alliance between Denmark-based Maersk Line and Switzerland-based Mediterranean Shipping Co SA, industry experts said on Wednesday. The new grouping comes after a three-party pooling alliance – P3 – was turned down by the Chinese government. The two European companies signed a 10-year vessel – sharing agreement earlier this month to enhance their earnings capabilities. The P3 alliance was a three-way tie – up between the two shipping giants and CMA CGM of France. Zhang Shouguo, vice-president of the China Shipowners’ Association, said the government had rejected the P3 alliance because it had a combined market share of about 30% of the global container shipping market. Maersk and MSC have jettisoned the French container line and formed a vessel-sharing agreement in such a way that their combined market share is way below the 30% threshold.

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