Watchdogs of the World : Global Liner Conference Regulators in the Modern Shipping Market and Why the P3 Agreement Failed

"This article analyzes the rise, fall, and ultimate termination of the largest (by volume) proposed vessel-sharing alliance the shipping industry has ever seen, the P3 Network Sharing Agreement. Pertinent to the discussion is detailed evaluation of the world's fundamental regulators of liner shipping conferences, their relative power and authority, and how they have adapted to the world shipping market. The conclusion is simple: consistent with its status as the world's largest shipping market and holder of state-owned carriers, China is the last world watchdog with the regulatory clout to prevent the formation of potentially anti-competitive shipping alliances."