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FMC approval green-lights 2M implementation

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FMC approval green-lights 2M implementation

10/10/2014

Geneva, Switzerland 10 October 2014 MSC Mediterranean Shipping Company S.A. is delighted to announce that, following approval from the U.S. Federal Maritime Commission (FMC), its '2M' vessel sharing agreement (VSA) with Maersk Line is to proceed as planned.

On 10 July 2014, MSC announced proposals for the 10-year VSA with Maersk Line on the Asia-Europe, Transatlantic and Transpacific trades. These proposals remained subject to the consent of relevant international authorities. There remain a number of procedures still in process in other countries, with whose authorities MSC will continue to work towards completion of regulatory requirements. However, the U.S. was the only remaining jurisdiction in which the VSA had yet to obtain approval that had the potential to suspend or delay the 2M implementation.

"MSC is very pleased to have reached this milestone in good time for the commencement of our new 2M services", stated Diego Aponte, President and CEO of MSC. "MSC is grateful to the FMC for the thorough, efficient and professional manner in which the notification was reviewed. We are very excited that our customers will benefit from the outstanding service enhancements that 2M will deliver as early as the beginning of next year."