commiss decis juli declar concentr compat common market function eea agreement case comp jv hutchison rcpm ect notifi document number english text authent text eea relev ec commiss european commun regard treati establish european commun regard agreement european econom area articl thereof regard council regul eec decemb control concentr undertak amend regul ec articl thereof regard commiss decis march initi proceed case undertak concern opportun make view object rais commiss regard opinion advisori committe concentr introduct januari commiss receiv notif pursuant articl regul eec quot merger regul quot undertak hutchison port netherland bv quot hutchison quot rotterdam contain participati maatschappij bv quot rcpm quot acquir mean articl regul joint control undertak europ combin termin bv march commiss decid accord articl merger regul articl eea agreement initi proceed case present oper preced similar oper notifi commiss pursuant articl merger regul march case comp oper involv propos joint acquisit hutchison port hold quot hph quot rotterdam municip port manag quot rmpm quot ect singl purpos hold compani parti joint control ect june commiss issu statement object combin hph contain termin unit kingdom ect contain termin rotterdam lead creation domin posit market provis stevedor servic deep sea contain ship northern europ juli hph rmpm decid abandon oper current oper origin notifi novemb hutchison atlant rotterdam contain participati maatschappij bv abn amro effecten compagni bv quot abn quot agreement fall scope council regul februari regul implement articl treati amend regul ec case comp rcpm hutchison abn amro octob commiss issu statement object pursuant articl merger regul case comp jv ect port rotterdam find hutchison altant subsidiari hutchison port netherland bv hutchison rmpm subsidiari rcpm acquir de facto joint control ect notifi transact constitut concentr mean articl merger regul commiss conclud fail notifi transact merger regul put concentr effect notif hutchison rmpm infring provis articl merger regul commiss view hutchison altant rmpm acquir joint control ect basi number element collect parti act exercis vote right ect ect beheer hutchison atlant rmpm repli statement object decemb reject commiss view oper letter januari parti withdrew request oral hear indic submit written statement ii parti main acquir parti hutchison netherland bv quot hutchison quot subsidiari hutchison atlant turn indirect subsidiari hutchison intern port hold quot hiph quot undertak member hutchison whampoa group hong kong conglomer divers rang activ main activ hiph subsidiari provis stevedor servic port world wide europ hiph control inter alia deep sea contain termin felixstow thamesport unit kingdom rotterdam contain participati maatschappij bv rcpm hold compani wholli own rotterdam municip port manag rmpm depart municip rotterdam rmpm respons develop manag port rotterdam abn amro effecten compagni bv abn wholli own subsidiari abn amro bank nv abn amro bank engag purchas sell manag administr secur properti asset grant loan asset manag act banker particip compani acquir undertak europ combin termin bv ect compani engag provis stevedor servic european port foremost rotterdam notifi parti hutchison rcpm notif form submit quot prejudic quot parti view oper constitut concentr iii oper acquir parti creat hold compani ect beheer bv quot ect beheer quot hold share capit ect hutchison rmpm rcpm share ect beheer abn hold employe trust star hold remain iv concentr present oper lead hutchison rmpm acquir joint control ect respect paragraph commiss notic concept concentr council regul eec control concentr undertak state quot collect action occur de facto basi strong common interest exist minor sharehold effect act exercis right relat joint ventur quot commiss base conclus natur present oper element collect show view strong common interest hutchison rmpm parti vote act common understand parti quot strateg investor quot establish joint involv previou oper case comp paragraph absenc obviou common parti main sharehold abn quot financi investor quot involv previou oper gave strateg investor opportun explor object invest ect understand object reconcil larg extent object common object contrast inform commiss show abn role oper project financi strateg investor decis substanti equiti stake action quot white knight quot seek assist import actual potenti client inform show abn intend reduc size stake substanti opportun short term view contrast strateg investor long term commit manifest inter alia undertak maintain substanti sharehold ect period year structur sharehold vote rule tailor parti exercis joint control ect hutchison rmpm share vote right major requir decis seat board supervisori director abn theoret form vote major strateg investor evid show intent vote right rule decid high degre mutual depend strateg investor success respect invest ect hutchison count rmpm ensur approv futur ect develop plan rmpm turn expect hutchison provid expertis capit respect rmpm state quot chosen quot ect stevedor western part port rotterdam maasvlakt receiv handl larg vessel hutchison expect rmpm give prefer ect applic expans rotterdam regard found expans vital ect maintain posit lead contain termin oper northern europ equal essenti access expertis capit hutchison world lead contain termin oper financi endow indisput assist common guarante provid strateg investor benefit financi investor common guarante take form claus claus sharehold agreement strateg investor undertak maintain minimum sharehold ect period year close evid show claus serv dual purpos hand strateg investor reassur serious commit ect hand assur financi abn exposur loan ect beheer limit back hutchison whampoa group port rotterdam claus read conjunct provis credit agreement quot term loan agreement quot give abn call loan grant ect beheer strateg investor sharehold fall agre minimum level element tie hutchison rmpm close make choos act vote parti argu inter alia rmpm indic willing make land maersk develop termin delta site rotterdam subsequ led establish maersk delta joint ventur maersk ect act contrari interest ect hutchison evid diverg interest provid parti view rmpm decis grant right euromax termin joint ventur ect amp nedlloyd parti claim establish termin result signific loss revenu profit ect commiss note parti contend altern allow maersk amp nedlloyd obtain quot quot facil line depart rotterdam altogeth signific risk occur rmpm legitim interest ect rmpm tie ship line rotterdam joint ventur agreement note indic maersk amp nedlloyd prefer complet ownership control quot quot respect termin fact ect award substanti stake joint ventur maersk delta euromax directli attribut rmpm influenc leverag port manag alloc site leas obtain outcom ect parti refer declar chairman rmpm effect imposs rmpm port manag give ect preferenti treatment respect suffici note declar contradict statement rmpm made ect manag worker council final parti state abn particip ect transitori restrict role project financi statement contradict statement parti question abn amro made secret desir reduc exposur ect earliest opportun reason conclud current oper constitut concentr fall scope merger regul hutchison rmpm acquir joint control ect mean articl regul commun dimens undertak concern combin aggreg world wide turnov eur million hutchison eur million rmpm eur million ect eur million aggreg commun wide turnov excess eur million hutchison eur million rmpm eur million ect eur million undertak concern achiev third aggreg commun wide turnov member state notifi oper commun dimens mean articl merger regul vi assess articl merger regul relev market product market hutchison ect contain termin oper provid stevedor servic deep sea contain vessel northern europ margin overlap parti concentr regard busi activ parti propos relev product market provis stevedor servic deep sea contain ship market definit accept subject remark modif vessel carri containeris cargo short sea vessel requir regard servic facil deep sea contain vessel similarli customari distinguish contain traffic flow stevedor servic provid respect traffic flow essenti contain termin throughput broken traffic flow hinterland traffic quot direct deep sea quot contain transport directli deep sea contain vessel hinterland barg truck train tranship traffic contain destin onward transport port tranship traffic turn subdivid relai traffic feeder traffic quot relai quot refer contain move deep sea vessel deep sea vessel contain transfer east liner ship servic transatlant servic quot feeder quot concern movement deep sea vessel short sea vessel feeder vessel decis march commiss consid evid stage procedur support conclus hinterland feeder relai traffic regard distinct market investig conclus revis parti argu hinterland tranship traffic flow insepar tranship traffic intrins link secondari hinterland traffic regard breakdown tranship traffic feeder relai flow parti maintain feeder relai servic negoti termin contract termin oper practic price discrimin flow parti view hinterland tranship feeder relai constitut discret relev market hinterland tranship ocean ship consult osc report quot north european containeris quot appear identifi tranship hub port market distinct region hinterland port market admittedli hinterland tranship flow link deep sea contain vessel carri hinterland tranship contain choic port call dictat primarili hinterland consider rang port termin potenti substitut tranship traffic necessarili ident rang port termin substitut specif hinterland traffic case point identif osc unit kingdom ireland market main unit kingdom deep sea port compet primarili unit kingdom ireland hinterland traffic broader quot hub port market quot unit kingdom port compet north continent termin tranship traffic traffic notifi parti repeatedli stress quot footloos quot tranship principl place north european port vessel question call load unload hinterland cargo rang substitut port tranship volum greater volum destin origin specif hinterland reflect price polici north european termin oper handl charg move tranship contain gener lower rate move hinterland contain argument submiss made parti support notion stevedor servic respect hinterland traffic tranship traffic discret relev market parti contend signific competit unit kingdom north continent port hinterland real competit exist main port separ hinterland region benelux region belgium netherland luxembourg unit kingdom region parti point evid carrier switch volum port evid show switch entir liner ship servic individu string occur exclus port hinterland region rotterdam antwerp felixstow thamesport hamburg bremerhaven switch tranship volum occur port locat hinterland region rotterdam bremerhaven felixstow antwerp repli parti confirm basic stevedor servic provid respect hinterland tranship traffic essenti gener support view rang substitut termin port hinterland traffic rang substitut tranship traffic feeder relai osc distinguish quot hub spoke quot feeder relai sector acknowledg area blur statist fulli comprehens confirm commiss investig shown individu oper ship line termin oper differ interpret term quot feeder quot quot relai quot investig show termin oper difficulti identifi quantifi feeder relai flow argu difficulti price discrimin conclus product market conclud provis stevedor servic respect hinterland traffic tranship traffic constitut discret relev product market insuffici evid justifi breakdown tranship market discret feeder relai market notifi parti agre conclus geograph dimens hinterland market studi evid suggest number discret region hinterland market northern europ osc identifi main hinterland region quot north contin west quot compris termin rang rouen amsterdam competit pressur primarili focus antwerp rotterdam addit capac le havr quot north contin east quot consist primarili port bremerhaven hamburg quot unit kingdom ireland market quot encompass british isl includ major unit kingdom gatewai termin fourth region consist quot scandinavia baltic market quot volum involv rule justifi direct call except port gothenburg market primarili serv feeder link termin locat main region north sea termin bremerhaven osc conclus northern european region hinterland market confirm inter alia servic pattern main ship line allianc gener provid direct call main hinterland region identifi competit southern european port increas hinterland market concern parti comment competit limit reclaim quot natur quot local region catchment area southern european port contest specif central european market switzerland austria evid competit southern european port quot natur quot local region catchment area northern european port revers true parti answer quot parti statement defenc paragraph section statement defenc note eurog explain situat contship italia state mediterranean port competitor limit extent substitut port algecira oper møller subsidiari note port geograph speak crossroad north south east west servic easili compar port north european rang answer quot parti volum transfer note hhla state mediterranean port substitut deep sea port northern europ apl see benefit serv quot hinterland includ rhur sic area quot quot reduc transit time asia quot ship line state cost save achiev quot chang schedul implement reduc number vessel rout quot note apl traffic relat gioia tauro algecira quot previous move north europ port quot potenti attract southern european port gener apl note quot hinterland connect improv southern europ med port deep sea traffic increas quot hanjin quot statement defenc argu favour competit southern european port quot complet state quot algecira gioia tauro substitut north european port quot add quot effort mediterranean port develop market posit left unansw northeuropean sic port lot cargo tradition northeuropean port port safeguard interest quot conclud market studi submit parti signific degre overlap north contin hinterland market limit degre overlap north contin hinterland market unit kingdom ireland hinterland market view support notifi parti parti precis delin hinterland market left open suffici purpos case note unit kingdom ireland market hutchison present continent market ect present constitut discret relev market light limit degre overlap north contin unit kingdom ireland hinterland market concentr creat strengthen domin posit hinterland market assess impact concentr market tranship evid suggest potenti substitut tranship traffic northern europ includ main deep sea port gothenburg le havr rang port suffici hinterland volum justifi direct call contain liner ship servic commiss consid algecira includ rang potenti substitut conclud question left open instant case throughput main algecira contain termin control møller group gener maersk sealand møller subsidiari volum repres captiv product reason recit includ market determin market share inclus algecira relev market impact structur market parti argu rang substitut extend includ southern european port section statement defenc point inter alia fact tranship throughput southern european port grown dramat recent year absolut term proport northern southern european tranship traffic growth tranship traffic southern europ indic substanti competit traffic northern european southern european port rang southern european port serv relai traffic equatori trade altern northern european port regard feeder traffic context note relai traffic account quarter northern european tranship volum note increas tranship traffic southern europ larg due growth import region feeder hub gioia tauro hub act distribut centr traffic destin mediterranean port gener insuffici hinterland volum justifi direct call major liner ship servic region southern european hub provid margin competit main northern european port prime function regard tranship act region distribut centr traffic import term hinterland volum northern european port note fact ship line ask contempl switch feeder relai volum southern european port repli neg recit conclus relev market conclud relev market consid case market provis northern europ stevedor servic tranship traffic carri deep sea contain vessel competit assess current market structur throughput year recent complet tranship throughput data osc estim hutchison ect combin share northern european tranship market year tabl gt tabl gt appar tabl closest competitor half market share hutchison ect hhla eurog commiss investig shown ect throughput underst osc correct made market share hutchison ect increas slightli clear post merger market highli concentr market herfindahl hirschman index hhi oper led increas hhi combin hutchison ect share tranship market remain stabl recent year osc estim parti combin market share fragment competit closest competitor hutchison ect tranship share approxim featur market osc provid breakdown tranship throughput major port tabl gt tabl gt tabl indic strong posit rotterdam felixstow prefer tranship port real challeng posit hamburg tranship throughput amount approxim half rotterdam felixstow combin tabl addit illustr degre concentr prevail tranship market port rotterdam hamburg felixstow antwerp bremerhaven account tranship throughput northern europ parti argu import tranship market inflat absolut term rel hinterland traffic fact tranship contain quot doubl count quot port termin statist parti reject view tranship contain gener quaysid move move gener revenu albeit rule discount rate move quot consum quot termin capac quot doubl count quot indic import tranship traffic termin oper respect revenu capac commiss verifi depth investig statist provid termin oper count tranship contain move hinterland contain move parti argu throughput figur adjust account quot loss quot ect major custom maersk sealand amp nedlloyd maersk benelux bv ect enter joint ventur maersk delta bv provid dedic termin maersk sealand ship line termin start oper octob reach full capac amp nedlloyd ect sign letter intent enter similar joint ventur euromax assum letter intent formal joint ventur agreement joint ventur expect start oper commiss view attempt adjust throughput figur reflect event place fundament flaw account develop market date event question illustr difficulti predict impact market share loss custom custom provid parti statement defenc paragraph parti note year genoa experienc increas tranship traffic figur lost traffic mediterranean ship compani msc la spezia context note northern european tranship traffic predict grow period loss traffic major custom offset demand custom statement defenc page seq parti present statist year purport show combin market share hutchison ect decreas commiss comment statist tabl page statement defenc show deep sea contain port demand northern europ relev market defin refer tranship traffic tabl event parti explain year figur obtain comment appli tabl page parti tabl show quot combin market share total deep sea contain traffic hutchison ect fallen end exclud traffic transfer maersk delta quot page paragraph parti claim quot repres signific reduct combin market share hutchison ect period year parti firmli commiss ignor quot tabl slightli teu shown transfer ect maersk delta year evid repli maersk ect show teu handl maersk delta year tabl extrem mislead support conclus quot combin market share total deep sea contain traffic hutchison ect fallen end quot final tabl page statement defenc parti attempt show combin tranship market share hutchison ect declin year note tranship figur except figur felixstow thamesport ect rotterdam repres actual tranship throughput year commiss note figur parti combin market share year adjust parti argu combin market share page statement defenc paragraph basi parti combin market share increas thirdli combin market share mention obtain deduct tranship teu switch ect bremerhaven june tranship teu switch ect maersk delta respect commiss note parti state ect tranship figur adjust amp gt teu repres actual throughput termin case adjust account switch traffic ect year commiss note maersk delta handl tranship teu year correct figur teu notwithstand comment fact major custom particip joint ventur termin rotterdam element relev assess concentr futur posit market examin paragraph seq seq share port call figur tabl tabl reflect market posit concentr term throughput indic parti market strength provid high share port call major liner servic northern europ east transatlant trade trade estim account quarter total northern european contain trade note servic europ east trade deploi newest largest vessel paragraph seq impact larger vessel drewri hutchison ect felixstow thamesport ect rotterdam account total schedul weekli call major carrier north europ east trade hamburg account le havr close antwerp parti share year total schedul weekli call northern europ major transatlant servic bremerhaven le havr account antwerp capac termin port capac statist distinguish quot hinterland quot capac quot tranship quot capac statist provid imperfect indic parti current posit futur posit tranship market mention decis march recit drewri osc made separ differ estim amount structur current northern european deep sea capac drewri estim hutchison ect combin share north european deep sea port capac osc estim parti account north european deep sea port capac year signific differ estim fulli explain fact cover year estim capac complex exercis involv weigh factor berth length number crane stack area workforc product order arriv conclus effect capac turn distinguish latent capac estim potenti capac assum specif attain level product commiss request parti attempt reconcili drewri osc estim basi reconcili supplement inform obtain directli port author termin oper commiss made estim capac capac share year set tabl tabl gt tabl gt tabl show hutchison ect combin capac share year roughli equival share capac year hamburg antwerp share le havr bremerhaven account allow made tabl specif circumst maersk delta bv termin rotterdam north sea termin bremerhaven maersk delta bv joint ventur maersk ect main purpos provid dedic deep sea contain termin rotterdam maersk sealand ship line minor stake maersk delta ect veto right respect inter alia joint ventur price polici equal represent board director maersk appoint chairman cast vote event deadlock termin oper octob phase period expect continu gradual absorb maersk sealand volum handl ect joint ventur accommod parti north sea termin joint ventur maersk eurog main purpos provid dedic termin bremerhaven maersk sealand unlik maersk delta termin north sea termin servic parti volum account throughput termin year gener integr exist supplier purchas intra group suppli product question quot captiv product quot includ relev market purpos assess market share captiv product switch captiv product short medium term constitut potenti competit instant case examin actual potenti termin sole jointli own control individu ship line order determin proport termin product capac regard captiv tabl capac year relat maersk delta termin approxim teu apport owner maersk ect relat respect sharehold maersk ect alloc reflect fact ect minor sharehold joint control veto right respect inter alia price compet claus ensur maersk delta compet ect part busi year maersk portion teu regard captiv capac basi termin dedic exclus maersk sealand exclud tabl ect market share total throughput ect portion teu constitut captiv capac ect ad ect capac year capac north sea termin bremerhaven teu jointli own maersk eurog apport joint ventur partner accord breakdown throughput throughput handl north sea termin teu account maersk sealand volum remaind repres parti volum slightli half throughput repres captiv maersk product includ market remaind parti product maersk eurog includ market half capac north sea termin exclud tabl remaind includ capac teu bremerhaven parti argu instant case captiv product capac includ market indirect competit benchmark effect price repres potenti competit regard commiss consid price set captiv product intern sale benchmark effect transpar hous price principl market price gener lower price set hous sale competitor posit obtain inform hous price readili determin market price captiv produc regard termin captiv product benchmark effect extrem limit case captiv produc suffici capac cater parti respect commiss take view case north sea termin convers captiv product parti product respons price increas termin control hutchison ect occur signific extent bremerhaven maersk sealand main hub port displac maersk sealand volum port port assum feasibl order make capac north sea termin parti maersk inconveni cost liner ship oper inconveni cost outweigh benefit maersk deriv increas revenu provis servic parti evid capac north sea termin expand short notic order meet increas demand parti maersk delta termin preclud provid servic parti timefram consider period includ issu potenti competit aris ect joint control termin represent board veto right clear commiss view maersk delta termin circumst regard competitor ect termin product regard captiv euromax termin parti refer oper event jointli control ect reason regard potenti competitor ect notifi parti interpret comment parti offer support proposit ship line own control capac product includ market respect distinct made facil dedic ship line own oper termin oper dedic facil partli wholli own ship line case vertic integr captiv product case parti gener confus type facil refer quot dedic facil quot includ market output market intern output parti argu altern capac relat termin jointli own ship line exclud market tabl includ capac relat maersk delta termin teu throughput account maersk sealand ship line north sea termin capac tabl gt tabl gt tabl exclus market port rotterdam bremerhaven capac termin maersk particip presenc signific effect concentr share capac increas conclus conclud analysi current market structur concentr lead creation domin posit relev market reach conclus import attach factor current high combin market share hutchison ect relev market conjunct low market share closest competitor fact high combin market share hutchison ect remain stabl time concentr tranship traffic port northern europ control parti parti high combin share port call major liner servic northern europ east transatlant trade futur develop capac develop parti argu hutchison ect share north european deep sea port capac fall drastic period result factor factor mention recit maersk delta termin progress land area infrastructur intend ect ect scope physic expans capac current limit port rotterdam restrict consequ termin dedic exclus maersk sealand begin ect amp nedlloyd sign letter intent establish joint ventur termin rotterdam euromax unlik maersk delta termin euromax termin establish quot virgin quot land repres capac addit termin primarili intend serv amp nedlloyd partner provid servic parti spare capac aris termin expect start oper amp nedlloyd volum gradual transfer termin maersk delta termin repres parti busi ect captiv product maersk compet claus prevent compet ect decis depart jointli agre price guidelin provis stevedor servic maersk sealand vessel requir approv parti joint ventur exist capac capac addit termin split reflect situat appli euromax termin regard termin situat complic fact termin principl open parti bear mind termin start oper requir phase period transfer amp nedlloyd volum preced commiss consid signific parti volum handl euromax end signific parti volum handl euromax period consider termin ect joint control sens regard competitor hutchison ect factor liabl parti view paragraph seq statement defenc impact hutchison ect share capac period lead capac addit plan exist deep sea termin locat osc expect develop lead increas north european deep sea termin capac million teu year million teu hutchison ect share capac project million teu estim exclud parti share capac relat maersk delta capac attribut euromax tabl show estim capac capac share year basi osc data updat inform obtain directli notifi parti parti column captiv product maersk delta euromax north sea msc antwerp termin exclud market tabl gt tabl gt tabl suggest hutchison ect share capac expect declin present level note figur significantli underst southampton amp port aarhu maersk port signific captiv throughput exclus captiv throughput market effect increas capac share hutchison ect note project appear assum level product ect termin increas significantli period question level product achiev hutchison termin assumpt open challeng parti capac share compar closest competitor year closest competitor capac share share project rang capac poor indic tranship market share recit assum capac attract commensur throughput zeebrugg port possess substanti competit asset low handl charg good water depth good locat relat ship lane difficult attract volum face competit establish major port facil requir phase period cover year tabl situat parti argu altern capac relat termin jointli own ship line exclud market tabl gt tabl gt exercis lead insignific increas parti share futur capac parti argu develop flush vlissingen expect offer strong price competit establish facil facil incent price margin cost order rapidli grow volum need achiev breakeven inter alia paragraph statement defenc strategi price averag total cost sustain indefinit strategi invit match respons incumb oper incumb oper gener posit endur protract price war oper longer period amortis invest pai back loan specif case hutchison ect note concentr back financi strong hutchison whampoa group switch traffic paragraph seq statement defenc parti claim msc switch current tranship traffic felixstow teu port confirm msc state switch teu felixstow left fifth teu port impact larg vessel largest contain vessel deliv capac teu largest vessel deliv estim capac teu osc estim typic vessel deploi east trade capac teu largest vessel trade capac teu typic vessel transatlant carri teu largest vessel carri teu schedul deliveri period april decemb includ contain vessel teu rang rang rang rang teu rang januari maersk sealand deliveri st seri teu dwt contain vessel amp nedlloyd deliveri seri teu vessel hapag lloyd teu vessel order teu vessel account exist order cellular capac june vessel latest establish gener larg contain vessel metr teu length metr metr beam metr draught metr gener expect deploi predict capac teu length metr metr beam metr metr design draught metr note latest gener maersk sealand vessel offici rate teu believ capac approxim teu studi parti comment advent larger contain vessel signific impact pattern vessel call north european deep sea contain port lead concentr port call concomit increas tranship relai oper order competit major tranship hub provid effici contain termin servic direct deep sea access berth depth metr accompani depth access channel metr accept tidal window good hinterland connect includ intermod servic regard criterion effici result osc survei product level north european port set tabl tabl gt tabl gt tabl show felixstow ect delta rank product termin europ show consider gap level product achiev lead termin felixstow ect delta antwerp hessenati tier report triniti iii extens develop page osc note hutchison control termin hit world leader term product report page osc consid felixstow thamesport increas product current level teu metr distant futur osc benchmark project year forese benchmark teu metr termin north contin unit kingdom benchmark teu metr slightli higher level achiev felixstow ect delta lead conclus hutchison ect termin maintain lead term product north european termin forese futur parti argu statement defenc paragraph penalis fact effici oper misrepres commiss posit commiss aim make object assess market share develop prospect analysi market structur fact estim futur throughput underst result insuffici allow effici gain relev assess northern european port rotterdam hamburg felixstow antwerp bremerhaven account northern european tranship volum port hamburg antwerp river port osc comment competit situat port quot port industri focu primarili vessel draught depth access channel berth earli major river port antwerp hamburg respond develop deepen access channel provid temporari solut trend scope improv posit high prohibit cost net effect increas restrict tidal access window major contain termin consider link disadvantag access port princip time factor transit river result increas difficulti factor cite maersk major reason leav hamburg favour deepsea coastal termin bremerhaven similar develop note worldwid quot port antwerp confirm quot prepar quot dredg access channel depth metr dredg possibl basi quot insight quot timet appear set start dredg oper parti argu time penalti draught restrict antwerp practic deter largest vessel call port cite call maersk sealand vessel knud maersk quot class quot teu vessel port paragraph statement defenc suffic note respect maersk chosen call antwerp largest vessel quot class quot vessel teu capac rumour effect capac teu comparison composit maersk north europ asia servic call rotterdam ae call antwerp ae enlighten rotterdam servic make class vessel class vessel ae servic class vessel class vessel regard hamburg port tradition high market share tranship oper time penalti draught restrict transit elb proxim scandinavian baltic market emerg deep water capac bremerhaven erod hamburg market share maersk decis base european hub north sea termin joint ventur bremerhaven hamburg signific respect tabl annex show level access main north european deep sea port assum plan dredg programm carri tabl vessel metr draught vessel approxim teu capac bremerhaven dredg ect delta le havr offer unrestrict access le havr offer suffici depth handicap low product poor reliabl tabl annex show felixstow port offer access accept tidal window vessel draught increas metr teu vessel metr draught ect delta le havr offer unrestrict access felixstow offer access greater regard hinterland connect osc note quot number intermod rail shuttl rotterdam mushroom quot quot locat rotterdam relat waterwai system perfect quot coincid maersk amp nedlloyd chosen rotterdam european hub port parti invest heavili intermod servic basi parti argu rel strength port oper respect hinterland traffic impact carrier choic tranship port argument appear inconsist parti posit hinterland tranship traffic insepar link choic call port dictat primarili hinterland consider vessel size increas hinterland aspect import oper enjoi competit advantag regard hinterland traffic good road rail connect good geograph locat enjoi competit advantag regard tranship traffic conclus share independ observ confirm port statist show tranship traffic strongli concentr main northern european deep sea port happen high share northern european hinterland traffic recit includ footnot conclus conclud analysi futur develop trend concentr lead creation domin posit parti relev market light futur develop consid includ countervail bui power parti argu ship line possess signific countervail bui power northern european termin oper section statement defenc parti contend recent ship line consolid allianc structur result high level concentr demand side parti view exemplifi northern europ east trade carrier group account total capac paragraph statement defenc concentr hutchison custom felixstow ect custom higher market averag carrier group account ect total throughput carrier group account throughput felixstow custom greater share fleet trade capac abil switch larg volum altern port termin oper face consider degre bui negoti power parti argu light signific econom consequ loss import custom threat shift part volum serv suffici constraint price behaviour port oper level concentr market parti reli previou decis commiss found specif degre concentr demand side bui power parti quot section decis bp amoco castrol paragraph statement defenc commiss assess creation oligopoli found ship line strong bui power supplier marin lubric respect market structur relev product purchas condit assess decis cite parti bp amoco castrol case bear resembl hand present case bp amoco castrol larg supplier marin lubric pit bid process face signific custom switch market capac constrain physic presenc supplier essenti fundament present situat stevedor servic isol product purchas geograph unlimit market switch supplier addit consequ purchas oper contrari switch port depend factor requir substanti servic offer ship line ship line posit port oper complet posit supplier product oper vessel lubric event accept demand side highli concentr member ship allianc instanc negoti collect termin oper case ultim matter choic individu member allianc note allianc member compet price servic interest coincid appli area includ choic termin oper concentr custom side event compar concentr exist suppli side relev northern europ east trade parti estim concentr base recit seq limit number termin oper accommod largest vessel trade concentr suppli side increas respons market trend identifi ship line abil switch throughput complet partial altern port depend factor capac establish loop servic hinterland feeder relai infrastructur present main hub port suffici capac accommod limit volum chang futur symptomat current situat parti state submiss commiss capac freed move amp nedlloyd grand allianc traffic euromax termin suffici grow traffic line market growth investig reveal port handl charg import factor ship line choos port call choic dictat primarili hinterland connect avail feeder relai servic direct coastal access draught access channel berth timet schedul servic question servic level import ship line start oper success servic call port face strong incent continu call port question depend extent oper restructur requir specif instanc port switch larg margin manoeuvr termin oper rais port handl charg increas suffici justifi chang port ship line switch port commerci defend signific interrupt inconveni ship line oper parti argu real impedi switch port state cost involv substanti switch port result oper delai commiss receiv inform ship line state switch requir signific rework loop termin cut off difficulti custom loop agre consortia member order diminish effici gain consortia arrang ship line requir account interest fellow consortia member switch port context parti argu switch tranship traffic easili made upset liner ship oper tranship unlik hinterland traffic footloos sens load unload port ship line call hinterland traffic paragraph statement defenc coordin tranship move consortium member choic tranship port dictat primarili servic level relai feeder connect geograph locat price paramount consider recit risk lose tranship volum suffici constrain behaviour port oper parti state tranship traffic secondari hinterland traffic import termin oper view lower margin volum tranship parti provid empir evid port switch partial switch switch entir servic year support view ship line exercis market power switch demand paragraph statement defenc except switch maersk sealand tranship traffic rotterdam bremerhaven parti provid detail move evid submit show switch port motiv price consider contrari data suggest switch motiv primarili oper consider msc partial switch larger vessel antwerp le havr restructur consortium arrang case switch maersk sealand tranship volum feeder traffic norwai baltic rotterdam bremerhaven prime driver improv feeder servic loss capac delta sea land termin rel dearth switch fairli stabl market share lead port tend demonstr switch undertaken lightli ship line parti argu develop market alleg declin level port handl charg establish ship line own facil ship line successfulli exercis countervail bui power port oper section statement defenc parti contend increas ship line freight rate recent year match increas port handl charg declin real term parti ship line effect hinder termin oper invoic shipper directli contain handl servic parti argu enabl termin oper attract traffic offer attract rate ship line introduc termin handl charg quot thc quot charg shipper stevedor servic carri termin oper parti thc set level excess actual port handl charg impli ship line achiev mark up port charg port handl charg clear parti argument decreas averag port handl charg move caus ship line abil constrain dictat price market equal plausibl result increas volum volum discount rebat parti submit chart show develop revenu select custom port felixstow period parti interpret tabl provid support thesi handl charg declin period result increas bui power ship line commiss share view tabl show inter alia paid contain year period throughput felixstow increas background decreas price expect result volum rebat lower unit cost line increas throughput felixstow period question reduct price contain true line pai lower price contain commensur increas throughput note line experienc sever financi difficulti declin rate charg line reflect inabl pai evid bui power commiss note context hutchison whampoa port busi show oper profit margin profit attribut sharehold amount turnov year hutchison unit kingdom port oper show increas earn interest expens taxat ebit figur sourc hutchison whampoa annual report page year port divis report increas ebit figur annual report note ect contribut posit earn group acquisit ect novemb page annual report commiss find statement figur difficult reconcil parti portray termin oper intens price pressur custom thc clear evid termin oper previous charg individu shipper directli system realist ship line fact pass port handl charg custom element thc markup suggest ship line real incent switch throughput port sole order reduc port handl charg statement defenc paragraph parti claim simultan contradictorili thc vari port ship line pass custom benefit differ handl fee port termin parti argu emerg carrier sole jointli own termin port previous refus establish facil reflect countervail bui power ship line firstli hand termin oper northern europ strong particip incumb termin oper set jointli own facil develop structur optimis ship line servic sever reduc incent ship line switch port ship line consider extent lock jointli own termin tend significantli negat rel bargain power ship line exert threaten switch throughput termin true jointli own facil ect particip maersk delta euromax termin intend serv major northern european hub maersk sealand amp nedlloyd repres major invest commit line vii final conclus reason set conclud concentr lead creation domin posit market provis northern europ stevedor servic tranship traffic carri deep sea contain vessel effect competit common market significantli imped viii undertak submit parti order resolv competit concern identifi commiss parti submit undertak june undertak set annex ii summaris ect divest minor sharehold maersk delta bv joint ventur quot mdbv quot ect joint control independ buyer approv commiss parti measur enabl mdbv handl parti busi freeli competit ect date commiss decis case mdbv releas contractu restrict prevent mdbv handl parti busi parti ect renounc exercis veto right mdbv rmpm make mdbv capac mdbv handl parti busi equival proport mdbv estim total capac year rmpm confirm land facil plan maasvlakt ii area alloc open transpar discriminatori procedur ix assess propos commit commiss examin propos commit consid ensur possibl signific competit main tranship hub northern europ give rise competit concern divestitur interim measur mdbv handl parti busi independ port rotterdam port rotterdam limit number tranship hub northern europ effect tranship hub northern europ present probabl number hub reduc futur rotterdam virtu natur advantag survivor background introduct effect competit rotterdam expect consider constrain effect market power concentr exercis cost ship line switch ect maersk delta switch port area port insignific compar cost switch traffic rotterdam port maersk delta termin oper back strong corpor group møller undertak implement posit offer effect competit ect oblig make capac essenti ensur mdbv mean hand activ competit forc specif undertak capac constraint effect curtail competit mdbv aspect commit constitut condit fulfil undertak desir structur chang relev market achiev remain aspect undertak except constitut oblig concern implement step achiev structur chang sought relat provis relat mdbv freedom determin tariff tariff structur price freedom compet stevedor compani paragraph annex ii provis relat truste paragraph annex ii context commiss take note rmpm assur land maasvlakt ii develop construct start alloc fair transpar discriminatori manner commit recit mdbv opportun rotterdam termin oper expand capac period undertak submit parti prevent emerg domin posit market provis northern europ stevedor servic tranship traffic carri deep sea contain vessel conclus commiss consid undertak submit parti suffici address competit concern rais concentr adopt decis articl subject full complianc condit oblig set annex ii notifi oper hutchison port netherland bv rotterdam contain participati maatschappij bv acquir joint control europ combin termin bv declar compat common market function eea agreement articl decis address rotterdam contain participati maatschappij bv galvanistraat po box ap rotterdam netherland hutchison port netherland bv nolst trenité plaza weena po box ad rotterdam netherland brussel juli commiss mario monti member commiss oj corrigendum oj oj oj oj oj quot rmpm quot quot rcpm quot interchang rcpm control rmpm busi activ oj secur complet delta develop hutchison rmpm clear interest provid context case comp comp jv inform parti agre purpos present case save affect basic sharehold right major requir abn entitl seat fill abn increas stake level sharehold theoret form vote major strateg investor minut abrupt withdraw financi institut ing capac satur opinion share knowledg observ baron delwaid presid antwerp port author quot quot shipown choos rotterdam hutchison quot lloyd list annex parti statement defenc view line commit european rail shuttl coordin servic pattern schedul allianc partner shipper prefer doubt commerci viabl maersk amp transfer bulk oper rotterdam quot minut meet ect supervisori board quot submiss correspond commiss figur financi year turnov calcul accord articl merger regul commiss notic calcul turnov extent figur includ turnov period januari calcul basi averag ecu exchang rate translat eur basi part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk form page quot relev market quot hundr twenti page publish osc unit kingdom inter alia page section north european containeris report identifi region market north contin west rouen amsterdam north contin east hamburg bremerhaven unit kingdom ireland scandinavia baltic reason paragraph commiss distinguish servic provid deep sea contain vessel provid short sea vessel unitis contain carri vessel activ overlap occur exercis parti concentr consist provis stevedor servic deep sea contain vessel north european containeris page parti state charg tranship move averag consider lower hinterland move form page inter alia parti respons commiss questionnair march north european containeris page commiss effort provid unambigu definit traffic flow questionnair notifi parti parti statement defenc quot statement defenc quot paragraph north european containeris page drewri ship consult dsc report european contain port market data decemb slightli breakdown unit kingdom benelux germani scandinavia franc felixstow southampton thamesport relev case main port present market wallhamn oslo bergen helsinki kotka hamina rauma st petersburg tallinn riga ventspil klaipeda gydnia szczecin gdansk north european containeris page view share osc north european containeris page page file page file page file page file page file page file inter alia osc brief paper page quot review market share quot view confirm market studi brief paper north european containeris notifi parti parti custom competitor felixstow thamesport southampton le havr zeebrugg antwerp rotterdam bremerhaven hamburg gothenburg maersk sealand termin estim capac teu foot equival unit common contain size algecira termin isla verd estim capac teu sourc drewri european contain port market data decemb page sourc møller repli commiss request inform algecira facil main european hub maersk sealand form essenti link line ship oper evid maersk sealand contempl interrupt inconvenienc ship oper order creat addit capac accommod parti volum inter alia north european containeris page north european containeris page osc brief paper page throughput estim osc calcul increas post merger hhi regard evid highli concentr market american depart justic merger guidelin version calcul hhi figur adjust inform provid termin oper port author brief paper page context note port share quot quot north european hinterland traffic level concentr regard tranship higher level concentr regard hinterland note port rotterdam hamburg felixstow antwerp account approxim tranship traffic quot quot hinterland traffic sourc osc quot brief paper quot tabl sourc maersk delta busi plan growth contract demand entrant exit upstream termin servic downstream liner ship market restructur ship allianc servic switch termin increas decreas product individu termin north european containeris page sourc quot quot ocean ship consult quot januari report refer document quot brief paper quot figur question tabl ect shown handl teu figur differ provid hutchison whampoa annual report page ect handl teu increas teu throughput note tabl paragraph statement defenc mathemat flaw market total column actual transfer teu account year actual throughput figur ect correct figur parti quot figur quot obtain increas actual throughput respect port estim annual increas demand northern europ independ confirm port statist market studi inform port termin oper quot figur quot increas tranship throughput teu figur switch teu bremerhaven sourc møller repli commiss request inform north european containeris page european contain port market data page competitor share tabl preclud agreement joint ventur partner parti argu ect joint control joint ventur agreement unequivoc requir unanim approv jointli agre price polici set agreement price polici appli provis servic maersk sealand ship line servic provid maersk delta bv ect control veto reinforc compet claus explicitli prohibit maersk delta compet ect parti busi joint control assur veto right major invest acquisit veto right requir safeguard basic sharehold right event protect specif provis joint ventur agreement common practic corpor group invoic intern servic cost price insignific mark commiss year cut date take account develop market develop date gener uncertain reli present assess carel van den driest ect ceo quot amp nedlloyd press releas novemb quot addit euromax ensur room growth current custom ect delta termin year quot maersk delta termin requir year phase period reason assum similar phase period euromax main contain termin southhampton jointli own amp port southampton main hub amp nedlloyd ship line signific proport throughput southampton constitut captiv product provis servic amp port amp nedlloyd appli aarhu control møller maersk main european hub maersk sealand ship line recit brief paper tabl hessenati forecast share capac nb figur includ captiv capac relat hessenati msc joint ventur figur overst north european containeris page quot demand growth disappoint quot busi plan maersk delta joint ventur envisag year phase period regard develop vlissingen commiss note inform annual report rmpm page quot plan made flush vlissingen construct westerscheld contain termin intend oper belgian compani hessenati plan ahead construct oper infrastructur execut instruct exploitatiemaatschappij scheld maa esm zealand seaport rmpm percent stake esm quot emphasi ad msc repli page file north european containeris page contrast recent estim earlier report quot competit posit felixstow versu rotterdam termin quot septemb osc predict typic east vessel teu capac largest vessel teu size dynalin march page containeris intern march page north european containeris page north european containeris page inter alia lloyd list april page north european containeris page triniti iii extens develop page seq report prepar osc hutchison signific concentr place respect east trade largest vessel deploi felixstow rotterdam hamburg account call northern europ europ asia liner ship servic proport increas press report lloyd list page lloyd regist osc view ultra larg contain ship ulc teu capac deploi middl decad deploy driven signific cost save ulc expect provid teu vessel note cost save predic reduct number port call compar number port call made averag teu vessel inter alia north european containeris page north european containeris page north european containeris page page osc comment vital requir tranship hub quot entir econom tranship base scale economi deep sea vessel vital largest vessel berth tide minimum disrupt problem regard handicap antwerp hamburg recent year requir increas larg vessel consolid market share econom ultra larg contain ship fore quot offici rate parti contend actual capac consider greater north european port call ae felixstow bremerhaven north european containeris page joint invest european rail shuttl statement defenc paragraph econom largest vessel predic spend time sea port gener suffici hinterland volum contend call vessel actual potenti competitor tranship market examp north european containeris page commiss decis case comp bp amoco castrol oj recit effect commiss decis case maersk sea land oj eurog quot ship line custom individu contract contract commonli negoti sign individu ship line quot translat german origin gothenburg quot negoti individu ship compani quot amp nedlloyd chosen establish hub rotterdam hapag lloyd invest hamburg oper member grand allianc parti point oblig grand allianc member call rotterdam joint ect amp nedlloyd euromax facil port amp nedlloyd amp nedlloyd repli commiss questionnair quot whilst theori open carrier switch port obtain wider choic stevedor servic provid practic difficult issu lack port substitut call carrier make port arrang place deal call carrier establish port call econom difficult carrier switch port signific portion cargo tranship activ vessel size increas bring declin number port call carrier make serv increas import port rotterdam felixstow quot cp ship quot flexibl limit servic qualiti cost influenc line infrastructur difficult shift resourc find resourc accommod chang port quot lloyd list special report april quot world top contain port quot page manag director maersk benelux joint ventur partner maersk delta quot switch maersk tranship volum rotterdam bremerhaven quot cost lot monei quot emphasi ad guarante volum divert bremerhaven return rotterdam contradict notifi parti assert switch tranship volum made easili mail april recal greater part cost termin oper fix infra superstructur cost quot gain ship line achiev reduc port charg result switch port directli benefit ship line concern ship line vari thc level establish freight confer quot paragraph impli thc port port switch made port switch made quot shipper choos port refer thc quot paragraph maersk delta rotterdam north sea termin bremerhaven possibl southampton amp port aarhu maersk altenwerd termin hamburg particip hapag lloyd ship line question altenwerd includ rank jointli carrier own termin note carrier ti rotterdam invest european rail shuttl regular shuttl train contain load european destin milan mainz mannheim pragu bratislava reaction attempt ect increas price maasvlakt ii approxim ha signific capac develop rotterdam foreseen period annex tidal window north european port gt tabl gt time calcul hutchison marin depart vari percentag point depend tidal graph interpret method gt tabl gt annex undertak case comp jv hutchison rcpm ect introduct januari pursuant articl council regul eec quot merger regul quot hutchison port netherland bv rotterdam contain participati maatschappij bv notifi acquisit share ect beheer bv hold share capit europ combin termin bv quot ect quot notif submit prejudic notifi parti view notifi transact constitut concentr connect herewith reserv express notif notifi parti rotterdam municip port manag quot rmpm quot collect refer quot parti quot make commit pursuant articl merger regul commit subject commiss find notifi transact compat common market pursuant articl merger regul quot decis quot ii divestitur ect sharehold mdbv parti undertak ect divest sharehold maersk delta bv quot mdbv quot independ buyer approv commiss maximum period date decis period extend addit period maximum parti reason request provid truste appoint pursuant section satisfactori establish ect effort unabl carri divestitur initi period extens deadlin divestitur share commiss account procedur process set articl joint ventur agreement ect maersk benelux bv joint ventur agreement iii relat mdbv contractu restrict date decis parti undertak order permit mdbv handl parti busi parti immedi uncondition releas mdbv contractu restrict prevent mdbv handl parti busi inform mdbv thereof parti ect renounc exercis ect veto right mdbv confirm mdbv freedom determin tariff tariff structur price parti ect confirm mdbv freedom compet provid stevedor servic includ ect assur capac mdbv rmpm commit enabl mdbv develop capac handl parti busi equival proport mdbv total capac year rmpm undertak make mdbv normal busi condit land facil barg load area quai wall achiev object purpos calcul mdbv capac document relev start base order ensur undu advantag rmpm commit calcul disregard upward capac stem natur growth acquisit excess traffic flow origin handl port switch ship line termin rmpm confirm land facil plan maasvlakt ii area alloc open transpar discriminatori procedur iv truste appoint truste week commiss adopt decis parti propos commiss truste suitabl monitor implement commit refer truste independ parti appoint propos truste subject approv commiss commiss reject propos truste parti propos truste week inform reject truste reject commiss commiss nomin suitabl truste parti appoint appoint mandat truste week date commiss approv truste parti enter mandat agreement truste mandat agreement confer truste right power exercis task describ oblig remuner term mandat agreement approv commiss truste monitor advis commiss implement commit ensur complianc parti truste provid month written report commiss progress discharg duti mandat identifi respect unabl discharg mandat parti receiv confidenti copi report parti enter bind contract purchas approv commiss time period includ maximum addit time period complet sale period month truste power carri divestitur time period month truste carri divestitur term condit accord good busi practic bound minimum price parti provid truste assist inform truste requir truste bound respect confidenti inform provid obtain exercis mandat notwithstand truste respons carri task independ unrel parti truste extent natur task due regard commerci interest parti undertak mandat provis drawn accord commiss notic remedi accept accord regul eec accord regul ec notabl recit thereof