Maersk Line consolidated with its two major rivals, Mediterranean Shipping Co. and CMA CGM SA. The collaboration happened last month. They were supposed to assemble 255 vessels on 29 loops that would cover the globe's three largest trade lanes. The companies' target was to cut expenses and end five years of overcapacity.
The team up would start in the second quartile of 2014. However, the alliance was expected to increase freight rates as soon as this month.
Deutsche Bank AG. ATP, Denmark's largest pension fund, said that joining forces would send a "clear message" to patrons that price war was finally done. Deutsche Bank currently has US$140 billion in assets. It expected its MAersk stake to boost in value due to the deal.
"The hope is that this will make a big difference and the industry has really needed something to happen," a portfolio manager at ATP, Jonas Bhatti, said in an interview. "This means that Maersk Line will become more profitable. This is positive for Maersk as an investment."
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