P3 Shippers Pleased with EU Affirmation
The P3 Network – the long-term operational vessel sharing agreement proposed by CMA CGM, MSC and Maersk Line is subject to regulatory review in jurisdictions in North America, Europe and Asia.
In the European Union (EU), the P3 Network was required to conduct a self-assessment. Since its conclusion, the P3 partners have been in voluntary discussions with the European Commission to confirm the P3 partners’ view of P3 being in compliance with EU competition law.
Today, the European Commission informed the P3 partners that the Commission will not open proceedings in connection with P3. The Commission will follow P3 to ensure it remains in compliance with EU competition law.
The P3 partners are pleased the Commission’s communication. The partners will now continue their close cooperation with competition and maritime authorities in amongst others China and South Korea to address questions and to explain the nature of P3.
On 24 March 2014, the U.S. Federal Maritime Commission (FMC) decided to allow the P3 Network agreement to become effective in the U.S.
On 18 June 2013, CMA CGM, Maersk Line, and MSC Mediterranean Shipping Company S.A. announced their intention to establish a long-term operational vessel sharing agreement on the East – West trades, called the P3 Network (P3). The overall aim with P3 is to make container liner shipping more efficient and improve service quality for the shippers - our customers - due to more frequent and reliable services.
P3 pointed out that it will be an operational, not a commercial, cooperation. The P3 Network vessels will be operated independently by an independent vessel operating centre. The three partners will remain competitors with fully independent sales, marketing and customer service functions and pricing policies. Subject to the receipt of all relevant regulatory clearances (and the fulfillment of other conditions for completion), P3 is scheduled to start operations in the autumn of 2014.