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P3 rejection 'good for competition'

By Zhong Nan | China Daily | Updated: 2014-06-20 07:19

The Ministry of Commerce's rejection of a container shipping alliance proposal floated by three European maritime giants will maintain a fair competitive environment on a number of the world's busiest shipping routes, said industry sources.

A year ago, Denmark-based A.P. Moller-Maersk Group, Mediterranean Shipping Co SA of Switzerland and French shipper CMA CGM SA decided to establish a long-term operational alliance, the P3 Network, on East-West routes to optimize resources and lower costs. The ministry's decision essentially terminates the proposal.

Zhang Shouguo, vice-president of the China Shipowners' Association, said even though China's trade volume is the largest in the world, its container fleet is just fourth in the global market.

P3 rejection 'good for competition'

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