Alliance of top 3 shipping lines may start in mid-2014

[COPENHAGEN] An alliance of the world's top three container shipping firms which could control more than a third of the market is likely to start operating in mid-2014, No 1 player Maersk Line said after the tie-up was approved by US regulators.

The industry has been battling overcapacity since the financial crisis because new vessels ordered before the downturn have flooded the market.

This has driven rates on the main route between Asia and northern Europe to loss-making levels.