Soren Skou Maersk line's CEO announced their expectations regarding the P3 vessel-sharing Alliance with CMA CGM and MSC. Maersk expects to minimize expenditures and overall capacity on the Asia-Europe route, after admitting world's leading sea carrier overestimated global demand in 2011 when they ordered the twenty 18,000 container-carriers.
Mr Skou frankly with the Wall Street Journal: "It's pretty clear that when we look back to early part of 2011 when these ships were ordered, our view on growth was different than what it turned out to be."The P3 Asia-Europe route is predicted to deploy about US$3.7 billion in ships in an attempt to reduce the annual costs by 8% and the number of the ships on that key tradelane to 250 from 300. Total capacity however will be boosted by 6% with the twenty Triple-E mega-ships, Skou sums up.
The P3 carriers Alliance is expected to control over 40 percent of the total Asia-Europe trade, in case it gets regulatory approval by the EU Commission.
Juournal of Commerce however states that despite reducing vessels' number with P3 Network, overcapacity is not likely to be eased and the global freight rates will remain low. Freight rates on the Asia-to-Europe trade dropped below $1,000 per TEU.