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21st June 2013 Container lines band up to beat the bluesThree of the world's container line titans - Maersk Line, MSC Mediterranean Shipping Company, and CMA CGM - have formed a new alliance to manage their capacity better. But such tie-ups are losing their sheen as a cure to the industry's profitability woes. The three said yesterday that they would pool 255 vessels totalling 2.6 million twenty-foot equivalent units (TEUs) of capacity in a tie-up called P3 Network to address the oversupply of containerships. The P3 Network will be operating on 29 loops on three major trade lanes, namely Asia-Europe, Transpacific, and Transatlantic, said the lines in a joint statement. Maersk Line also said that it would be adding its Triple-E vessels, the world's largest container ships at 18,000 TEUs each, to the pool. "Declining volume growth and overcapacity in recent years have underlined the need to improve operations and efficiency in the industry," they said. "Using the P3 Network, the lines expect to be able to improve their efficiency through better utilisation of vessel capacity." |
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