FMC Approves P3 Vessel Sharing Agreement

The Federal Maritime Commission gave its approval to the P3 Network Vessel Sharing Agreement, the agency said in a press release. The proposed alliance would align the three largest container carriers: Maersk Line, CMA-CGM, and Mediterranean Shipping Company. Commissioner Richard Lidinsky dissented from the other commissioners on the agreement, which will become effective March 24, it said. The approval was based on "a determination that the agreement is not likely at this time, by a reduction in competition, to produce an unreasonable increase in transportation cost or an unreasonable reduction in transportation service," it said. The deal will be good for consumers because "the new reporting requirements specifically tailored to this agreement’s unique authority will ensure we have timely and relevant information to act quickly should it be necessary," said Chairman Mario Cordero in the statement.