The P3 Network Project is abandoned after the Chinese refusal

Companies Maersk Line, CMA CGM, Mediterranean Shipping Company, renounce their alliance project, after the refusal of the Chinese Ministry of Commerce.

The project, P3 Network, sought to bring about 250 vessels of 3 companies on certain routes in order to reduce costs. The project had obtained approval from the U.S. authorities in March, then the agreement of the European Union earlier this month. The Chinese Ministry of Commerce (MOFCOM) announced  that he opposed the project, pursuant to the laws of merger activity in China.

3 companies reported in a press release to take notice of the decision of the Chinese authorities, and they put an end to the project.

soure : reuters, cma cgm, maersk