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Two of the world’s largest shipping lines – AP Møller-Maersk (OTCPK:AMKBY) (OTCPK: AMKAF) and Mediterranean Shipping Co. – they said on Wednesday that they would end its 2M vessel sharing partnership In 2025, the S&P move Global Platts said it will shake up the container shipping market and maybe start a price war.
The decision to end the 2M alliance comes as shipowners face a reduction in cargo volumes and excess vessel capacity that have driven freight rates down to pre-Covid levels, shifting the balance of power back to buyers from 2M and other major alliances.
In a joint statement, the CEOs of Maersk (OTCPK:AMKBY) (OTCPK: AMKAF) and MSC said much has changed since the 10-year partnership was signed in 2015, and the end of the agreement “paves the way for both companies to continue to pursue their individual strategies.”
Maersk (OTCPK:AMKBY) (OTCPK: AMKAF) seeks to “rapidly become an integrated provider of logistics, connectivity and supply chain simplification for our customers”, while MSC has built its fleet to the point where it has overtaken Maersk in the number of ships it operates.
AP Møller-Maersk (OTCPK:AMKBY) (OTCPK: AMKAF) recently appointed Vincent Clerc as its new CEO.