The P3 Network announced today between Maersk Line, Mediterranean Shipping Co. and CMA CGM will have little or no impact on the glut of vessel capacity that has been depressing global freight rates, but will enable the world’s three largest container lines to substantially cut their operating costs on the Asia-Europe, trans-Pacific and trans-Atlantic trades.
Peter T. Leach
PeterTLeach said: Clarksons: The 17 boxships of 38,066 TEUs sold for demolition in May bring YTD scrap total to 84 boxshipsof 182,039 TEUs.
PeterTLeach said: Clarksons on carrier GRIs:"There is little evidence to show that capacity will be tightened enough to reverse the destructive rate trend."
PeterTLeach said: GPA head Curtis Foltz: "We're seeing almost as much volume coming through Suez as through Panama, though Panama volume has not declined."
PeterTLeach said: Rickmers CEO Ron Widdows: It would certainly be helpful for the box market if the people who have overgrown the market give it a rest.