Maersk 'disappointed' with China's rejection of an industry alliance
19 June 2014 Last updated at 02:14 BST
Plans for a new international shipping alliance to cut costs have been rejected by China.
Already approved by the US and the EU, the so-called "P3 Network" was meant to operate in a similar way to code-sharing deals between airlines.
It would have allowed the world's top three container-shipping operators to share vessels and port facilities, with plans for about 250 ships to participate.
But China's Ministry of Commerce has rejected the tie up.
One of the shipping companies behind the plan is Maersk Line from Denmark. Its Asia Pacific CEO Thomas Knudsen told the BBC's Rico Hizon that the company was "disappointed" but that it would respect China's decision.