MSC Mediterranean Shipping Company and Maersk, the world’s two largest container shipping lines, have got the go-ahead for their ten year vessel sharing agreement, known at 2M.
Approval by the US Federal Trade Commission, means that the agreement covering the Asia-Europe, Transatlantic and Transpacific trades is now expected to start in January 2015.
Maersk said the agreement would replace all existing VSAs and slot purchase agreements that it has in these trades.
2M was put together earlier this year following the collapse of plans for a broader alliance. In June, the Chinese Ministry of Commerce (MOFCOM) rejected a proposal for an alliance between Maersk, MSC Mediterranean Shipping Company and CMA CGM known as P3.
2M will include 185 vessels with an estimated capacity of 2.1 million TEU, deployed on 21 strings.
Maersk Line will contribute some 110 vessels with a nominal capacity of app. 1.2 million TEU (55 per cent of the total capacity).
MSC will contribute some 75 vessels with a nominal capacity of app. 0.9 million TEU (45 per cent of the total capacity).
* MSC Mediterranean Shipping Company has appointed Diego Aponte as president and CEO.
Gianluigi Aponte, founder of MSC, said: “The board and I firmly believe that Diego, supported by his senior management, will deliver continued success for MSC and its customers. We already have a number of projects underway which will help improve our overall service offering to clients, while improving our efficiencies. It is an exciting time for MSC.”
Since joining MSC in 1997, Diego Aponte has worked in various functions across the business, most recently serving as vice president. As Chairman of TIL, Terminal Investment Limited, he has also overseen the growth and strategic direction of MSC’s Port Division.
Gianluigi Aponte, previously president of MSC, will assume a new role as group executive chairman.