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[Hongde Information] Heavy Official Announcement! Super shipping alliance 2M announced that it will be dissolved and terminate operations in 2025!
Jan 30,2023
Hongde International learned that A.P. Moller-Maersk (AMKBY) and Mediterranean Shipping MSC will terminate 2M alliance operations due to changes in business strategy.
At that time, the "three major alliances" in the global shipping market will be the only Ocean alliance with the participation of COSCO and OOCL, and the THE alliance with the participation of Hyundai.
Maersk and MSC to End 2M Alliance in 2025
On the evening of January 25, Beijing time, Maersk and MSC issued a joint statement, jointly announcing that both parties agreed to terminate the 2M alliance operation from January 2025.
In a joint statement, A.P. Moller-Maersk CEO Vincent Clerc and Mediterranean Shipping CEO Soren Toft said: "MSC and Maersk recognize that the situation has changed significantly since the two companies signed a 10-year alliance agreement in 2015, and the termination of 2M alliance operations will pave the way for both companies to continue to pursue their respective strategic developments. We are grateful for this partnership and look forward to continuing our strong cooperation for the remainder of the agreement. During this period, we are still committed to providing 2M alliance services to Mediterranean shipping and Maersk customers."
It is reported that the 2M alliance is the product of the vessel sharing agreement (VSA) of container shipping companies. In 2015, Maersk and Mediterranean Shipping signed an agreement to ensure competitive and cost-effective operations on Asia-Europe, transatlantic and trans-Pacific routes. The 2M alliance agreement will last for 10 years. If it is terminated, it will need to be notified 2 years in advance.
Maersk and MSC operating direction has changed significantly
Zheng Jingwen, assistant director of the International Shipping Research Institute of the Shanghai International Shipping Research Center, said, "at present, the supply of capacity in the market is facing a very serious surplus, and the termination of the operation of the alliance may lead to the risk that the capacity of large ships is difficult to digest."
After MSC surpassed Maersk early last year to become the world's largest zui container ship company, the market heard that the two companies might be dissolved.
In response to the reasons for the termination of the alliance between the two parties, Zheng Jingwen told that after the impact of the epidemic in recent years, the operational direction of Maersk and MSC has changed significantly.
Maersk mainly do the whole logistics, more layout end-to-end. In the past two years, Maersk has not ordered any other type of container ships except for the zero-carbon fleet such as methanol fuel ships. The funds are basically used for investment in the acquisition of land transportation and distribution companies.
However, based on the high returns of the past two years, MSC has begun to order new ships. At present, its new ship orders account for a very high proportion. After these new ships are delivered, the capacity of MSC fleet will be greatly increased.
According to data released by the Alphaliner, as of January 6, MSC had orders for 124 new ships, with a total capacity of 1,727,210TEU, accounting for 37.5 per cent of its total capacity (4,600,851TEU). Maersk ordered 31 new ships with a total capacity of 376,413TEU, accounting for only 8.9 per cent of its total capacity (4,228,174TEU).
Zheng Jingwen further said that from a regulatory point of view, EU regulation requires that the market share of alliance capacity routes should not exceed 30%. With the delivery of MSC's new ship orders, the alliance's share of route capacity is likely to exceed 30% and may touch some regulatory restrictions.
From the perspective of the business strategies of both parties, alliance operation is not conducive to Maersk's personalized service goals. Under the alliance state, its fleet may be operated by other liner companies, which is not conducive to the full logistics service.
As far as MSC is concerned, it seems to be more inclined to the means of scale competition, so the business strategies of the two companies have undergone a relatively obvious change. If the alliance continues, it will be more difficult for the two parties to run in in the future.
"In the future, Maersk's business route will be relatively independent, but it does not rule out cooperation with some small companies. However, such cooperation will be biased towards specific cooperation, improve its own service quality in a targeted manner, bind customers by improving the added value of services, and strive to be the 'Hermè s' of the shipping industry, rather than through low-cost and high-frequency flights (participating in market competition)." Zheng Jingwen said.
With the official announcement of the termination of the 2M alliance, other shipping alliances (Ocean Alliance: COSCO Shipping, Dafei Shipping, Evergreen, Orient Overseas; The Alliance: Hapg-Lloyd, ONE, HMM, Yangming Shipping) will face great changes in its fate and the overall industry pattern. It is still unknown whether the alliance will disrupt and reshuffle or continue to cooperate.
Lars Jensen, chief executive officer of the industry expert Vespucci Maritime, recently predicted that after the dissolution of the 2M alliance, shipping companies will still form different alliances through VSA agreements. For example, Maersk may form a partnership with Dafei.
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