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Hong Kong shippers back China’s P3 move
[ June 18, 2014 // Chris ]The Hong Kong Shippers’ Council has thrown its weight behind the Chinese Ministry of Commerce’s (MOFCOM’s) decision to ban the planned P3 consortium by Maersk, CMA CGM and MSC. In a statement published tghe day after MOFCOM’s announcement, it said that it welcomed the move, arguing that, with 90% of exports under FOB terms, the choice of carrier from its territory was in the hands of overseas buyers. “Consequently, shipping lines after they come to terms on sea freight rates with overseas buyers, implemented numerous local charges and surcharges on Hong Kong shippers in order to increase revenue” – many of which were “hardly justifiable”, and eroded Hong Kong’s competitiveness, it said.