Billionaire Kuehne Applauds China ‘Wisdom’ in P3 Alliance Veto

By Nicholas Brautlecht June 26 (Bloomberg) -- China’s veto of a three-way alliance between the world’s biggest shipping lines is good for the logistics industry as it preserves competition among container carriers, according to Klaus-Michael Kuehne, the German billionaire who owns the world’s largest sea-freight forwarder. “The infinite wisdom of the Chinese has helped to … [Read more...]

Back to The Drawing Board for P3 Carriers As Fallout Impacts Sector

By Mike Wackett, The Loadstar In the view of transport consultant Drewry, the Chinese regulators’ veto of the P3 Network last week is likely to hamper the much-needed stabilisation of the overcapacity-plagued and unprofitable ocean carrier industry. However, Drewry’s Container Insight Weekly says that, driven by economy-of-scale cost savings, the development of formalised … [Read more...]

China Scuttling P3 Pact Seen to Hurt Shippers, Including Its Own

By Clement Tan June 20 (Bloomberg) -- China rejected a global shipping alliance to protect companies navigating a choppy market. The decision will probably hurt cargo firms’ earnings, including its own. The Commerce Ministry’s June 17 announcement spiking a deal between the world’s top three container carriers -- known as the P3 and led by Copenhagen-based A.P. … [Read more...]

Maersk Explores Plan B After P3 Alliance Block

By Chris Jasper and Clement Tan June 18 (Bloomberg) -- A.P. Moeller-Maersk A/S said it is working on alternative plans to cut costs and address overcapacity in the freighter market after Chinese regulators unexpectedly blocked formation of a global shipping alliance. “We have different tools in our toolbox to activate,” Vincent Clerk, the chief trade and marketing officer … [Read more...]

China’s P3 Rejection Underscores Protectionist Worries

SHANGHAI, June 18 (Reuters) - China's scuppering of a planned alliance of the world's top three container shipping lines signals its protectionist stance on key industries and is a reminder to foreign firms to not take Beijing's nod for granted on deals, analysts and lawyers said. China's Ministry of Commerce (MOFCOM) said on Tuesday it would not approve the P3 ship-pooling … [Read more...]