#ChinaRejectP3- The Maritime Executive writes about the fallout of the P3 Alliance rejection, following a protectionist "no" from China's Ministry of Commerce. The efforts of the P3 Alliance was to control approximately 47% of Asian-Euro container business.
Maersk chief executive Nils Andersen said the Chinese decision came as a surprise. Really? Last year, China's flag line, China Ocean Shipping Corporation lost $3.2 billion, and certainly China's protectionist attitudes are not new. The country maintains strict cabotage laws which prohibit foreign flagged vessels from moving cargoes domestically.
In 2013, China was the number one exporter at $2.21 trillion and the number three importer at $1.95 trillion. Last year, its top seven ports handled approximately 117 million containers. China's merchant marine consist of about 2,030 vessels, 206 container ships, and ranks number three in the world for ships owned. For more on this development, click HERE.
