MAERSK and MSC will end the 2M alliance in January 2025.
The vessel-sharing agreement began in 2015, with the two companies saying its aim was to ensure competitive and cost-efficient operations on the Asia-Europe and trans-Pacific trades.
The agreement has a minimum term of 10 years with a two-year notice period of termination.
A joint statement from Maersk CEO Vincent Clerc and MSC CEO Søren Toft said the two companies recognise that much has changed since the two companies signed the 10-year agreement in 2015.
“Discontinuing the 2M alliance paves the way for both companies to continue to pursue their individual strategies,” the two CEOs said.
“We have very much appreciated the partnership and look forward to a continued strong collaboration throughout the remainder of the agreement period. We remain fully committed to delivering on the 2M alliance’s services to customers of MSC and Maersk.”
Maersk shares tumbled after the announcement, ending the day down 6.23%. MSC is a privately held company.
MSC is the world’s largest ocean carrier by TEU capacity. It controls 4.63 million TEU of capacity, or 17.6% of the world total, according to the latest data available from analyst Alphaliner. The company’s orderbook is immense at 133 ships with a capacity of 1.825 million TEU, or 39.4% of its existing capacity.
MSC overtook Maersk as the world’s largest container line in 2021
Maersk is the world’s second-largest ocean carrier with a capacity of 4.24 million TEU, or 16.1% of global container-carrying capacity. Maersk’s orderbook is miniscule compared with its larger 2M partner at 29 ships with a total capacity of 38,300 TEU – just 8.5% of its current capacity.
