#Ports&Shipping –The latest IMDO Weekly Shipping Market Review includes the following stories as detailed below.
Container Market: Maersk, MSC agree post-P3 vessel sharing agreement - With the failure of the P3 alliance, vetoed by China, Maersk Line and Mediterranean Shipping Company (MSC) have entered a 10-year vessel sharing agreement, Seatrade Global has reported. This agreement, dubbed the 2M agreement, will see the two companies collaborate on Asia-Europe, transatlantic and transpacific routes. The original alliance which also included CMA CGM was rejected by China who saw the agreement between the three largest container carriers in the world as a merger.
Tanker Market: LNG newbuild investment approaches $5bn so far this year - The demand for LNG ships has shot up this year with orders coming to $4.6bn, according to Lloyd's List. Twenty-three contracts for the building of new LNG carriers have been signed so far this year, at a rate of almost one a week. The interest of investors has been attracted by expectations that new cargoes will be introduced into the market once these new ships are in operation.
Logistics: Route approved by Nicaragua for $40 billion canal linking oceans - A $40 billion shipping channel across Nicaragua was approved by a national committee recently, Reuters has reported. The 172 mile route from the mouth of the Brito River on the pacific side to the Punto Gorda River on the Caribbean was proposed by executives from the HK Nicaragua Canal Development Co Ltd and will measure between 230 meters and 520 meters wide and 27.6 meters deep.