Biggest ship firms team up

City A.M. Reporter
THE WORLD’S three biggest container shipping companies have agreed to share vessels in a bid to minimise losses caused by over-capacity and falling freight rates.

Moller-Maersk yesterday said it had entered into an alliance with its two biggest rivals MSC Mediterranean Shipping Company and CMA CGM to improve operations and services.

The companies, which account for around 40 per cent of global volumes, aim to start operations in the second quarter of 2014, depending on regulatory approvals.

Container shipping has been hit by over-capacity, weak economies and cut-throat competition.