Westports gets boost from China's objection to P3

THE unravelling of the P3 shipping alliance has dispelled lingering investor disaffection over Malaysian port operator Westports Holdings - its shares rose 2.2 per cent yesterday to RM2.75 apiece.

P3 was to have been an alliance of three of the world's largest container carriers - Maersk Line, Mediterranean Shipping Co (MSC) and CMA-CGM - and a threat to the future of Westports.

If the alliance had come to pass, it would have resulted in a revision of port calls and potentially divert CMA's throughput to the Port of Tanjong Pelepas (PTP), in which Maersk has an interest.