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U.S. Federal Maritime Commission approves P3 Alliance

Today the U.S. Federal Maritime Commission voted to approve of the P3 Network Vessel Sharing Agreement between Maersk Line, MSC and CGA CGM, according to an FMC statement.

The pending agreement between A. P. Moller-Maersk, CMA CGM, and Mediterranean Shipping Company, S.A. would authorizes the parties to share vessels and engage in related cooperative operating activities in the trades between the U.S. and Asia, North Europe, and the Mediterranean.

The regulatory body's decision will allow the agreement to become effective as scheduled on Monday, March 24, 2014.

Commissioner William Doyle said in a statement that U.S.-Flag international trade, U.S. mariner jobs and environmental benefits figured into his decision.   

The FMC said it has been determined that the P3 Alliance is not likely, through a reduction in competition, to result in an unreasonable increase in transportation service or an unreasonable increase in transportation costs.

However, the FMC announced it is creating a monitoring program to help make sure that the P3 partners play by the rules. Additionally, safeguards have been drafted into the agreement to ensure that the P3 shipping lines negotiate independently and enter into separate contracts with third parties, according to the statement. 

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