In a stunning move that shook the container shipping industry today, Maersk Line, CMA CGM and Mediterranean Shipping Co. scrapped their proposed P3 Network after China’s Ministry of Commerce rejected the vessel-sharing agreement.
“The decision does come as a surprise to us, of course, as the partners have worked hard to address all the regulators’ concerns,” Maersk Group CEO Nils Andersen said.
The Ministry of Commerce gave no reason for the decision, which follows a review under the mainland’s merger control rules.
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