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SeaIntel: P3 rejection hurts consolidation

It comes as a huge surprise that the Chinese authorities wound up rejecting the P3 alliance, and it represents a setback in terms of the demand for consolidation in the industry, says Lars Jensen, SeaIntel.

The announcement that the Chinese competition authorities have decided to reject the P3 alliance has stunned everyone in the container industry. Virtually everyone expected the alliance to be approved and, according to SeaIntel CEO Lars Jensen, this development could have significant consequences for the whole industry.

"It's very surprising that the Chinese authorities chose not to approve the alliance, and we're still waiting to learn exactly why. This will impact the entire industry and slow down the consolidation that the P3 alliance would have played a strong part in securing. Instead we can expect extremely volatile rates going forward," Lars Jensen tells ShippingWatch.

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