The US Federal Maritime Commission voted 5-4 to grant the Maersk, MSC, CMA CGM mega alliance the right to operate, with only its former chairman Richard Lidinsky casting a no vote, reported American Shipper.
The world's three biggest container carriers will now operate the vessel-sharing agreement in the transpacific, transatlantic and Asia-Europe trades, over the objections of several shipper groups who fear concentration of power.
But the FMC said it reviewed P3 trades between the United States and Asia, North Europe, and the Mediterranean and found that there would be no reduction in competition that would produce an unreasonable increase or reduction in services under the US Shipping Act - at this time.
"There may be circumstances," conceded the commission statement, "that could permit the P3 Agreement parties at some point in the future, to unreasonably reduce services or unreasonably raise rates that could raise concerns."
To meet this contingency the FMC imposed new reporting requirements on the P3 parties to assist the commission in its ongoing, close monitoring of the agreement".
Said Commissioner William Doyle: "The P3 parties should be mindful of the antitrust probes that are being conducted in the oceanborne transportation sector worldwide. To this end, the Federal Maritime Commission is not taking its hands off the wheel and is hereby instituting a monitoring programme for the P3 Network Alliance."
Maersk Line spokesman Michael Storgaard told Lloyd's List the FMC decision "is a very important step towards overall approval of P3, which is still subject to regulatory review in jurisdictions in Europe and Asia".
Mr Lidinsky said he opposed the alliance because, in reality, it was effectively a merger.
"This agreement will allow the controlling carrier the ability, when coupled with existing discussion agreements, to deploy its assets along with those of the other two carriers, to dominate vessel competition and narrow shipper options at US ports," he said.
The world's three biggest container carriers will now operate the vessel-sharing agreement in the transpacific, transatlantic and Asia-Europe trades, over the objections of several shipper groups who fear concentration of power.
But the FMC said it reviewed P3 trades between the United States and Asia, North Europe, and the Mediterranean and found that there would be no reduction in competition that would produce an unreasonable increase or reduction in services under the US Shipping Act - at this time.
"There may be circumstances," conceded the commission statement, "that could permit the P3 Agreement parties at some point in the future, to unreasonably reduce services or unreasonably raise rates that could raise concerns."
To meet this contingency the FMC imposed new reporting requirements on the P3 parties to assist the commission in its ongoing, close monitoring of the agreement".
Said Commissioner William Doyle: "The P3 parties should be mindful of the antitrust probes that are being conducted in the oceanborne transportation sector worldwide. To this end, the Federal Maritime Commission is not taking its hands off the wheel and is hereby instituting a monitoring programme for the P3 Network Alliance."
Maersk Line spokesman Michael Storgaard told Lloyd's List the FMC decision "is a very important step towards overall approval of P3, which is still subject to regulatory review in jurisdictions in Europe and Asia".
Mr Lidinsky said he opposed the alliance because, in reality, it was effectively a merger.
"This agreement will allow the controlling carrier the ability, when coupled with existing discussion agreements, to deploy its assets along with those of the other two carriers, to dominate vessel competition and narrow shipper options at US ports," he said.