It has been widely covered that the Chinese Ministry of Commerce put the kibosh on the P3. The P3 was the alliance of Maersk, CMA-CGM and Mediterranean Shipping Co. These ocean carriers are the three largest in the world, and China was not comfortable with the percentage of the market in the various trade lanes, especially Asia-Europe at 42%, the alliance would control.

This decision does not mean these three carriers will cease to share vessel space, especially in the TransPacific. We are confident we have not heard the last from this alliance.