Maersk shares dive as China blocks EU pact
Proposed accord will restrict competition on the busiest Asia-Europe container routes: Beijing
[HONG KONG] China blocked the formation of a global alliance by the world's three biggest shipping lines in a surprise move that ignored Western approval of the plan and sent AP Moeller-Maersk A/S shares tumbling the most in two years.
The Chinese Ministry of Commerce said on its website that the proposed P3 vessel-pooling accord, which also included Mediterranean Shipping Co and CMA CGM SA, would "restrict competition" on the busiest Asia-Europe container routes.
"The decision does come as a surprise," Maersk chief executiv…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Transport & Logistics
Toyota hits record annual output, sales on robust demand
Nissan, Mazda roll out new models for China as they aim for comeback
VinFast chief plans to invest US$1 billion more from his fortune in EV maker
XPeng CEO says its software, AI upgrades to enter ‘super fast cycle’
Swedish manufacturer is latest to offer electric pleasure craft in Singapore
Mercedes says it will continue to invest in China tie-ups