Maersk Misjudged Market Demand, Admits CEO

Shipper now counting on cargo-sharing Alliance to cut costs

The chief executive of Maersk Line, the world’s largest container shipping company, admitted in an interview with The Wall Street Journal that the company misjudged market demand several years ago when it made a $3.7 billion order for 20 huge box ships.

The capacity glut may be eased with the planned P3 cargo-sharing alliance with European rivals CMA CGM and Mediterranean Shipping Co., which will hopefully cut costs and reduce the number of vessels on the Asia-Europe trade lane. To read more, click HERE.