German logistics billionaire Klaus-Michael Kuhne has backed the death of the P3 liner alliance as good for the industry.
Chinese authorities killed off the cooperation deal between Maersk, MSC and CMA CGM this month. Kuhne said this would help preserve competition between carriers.
“The infinite wisdom of the Chinese has helped to ensure that competition between the leading shipping companies will continue to exist,” he said, according to Bloomberg.
Kuhne controls logistics group Kuhne + Nagel and is a shareholder in German line Hapag-Lloyd, which is merging with Chile’s CSAV.
“From the point of view of the logistics industry and our trade and industry customers, this is good news in every respect,” he added.