Container shipping’s alliances look due for an overhaul. The Wall Street Journal reports that A.P. Moeller-Maersk and Mediterranean Shipping Co. are dropping their vessel-sharing partnership known as 2M. 

The decision, effective in 2025, comes as global trade demand is weakening and freight rates are in free-fall, putting the shipping sector under new stresses after nearly three years of booming business. 

Maersk and MSC struck their agreement in 2015 and rivals have formed similar deals in a bid to save on operating costs. 2M, the Ocean Alliance and THE Alliance now control about 75% of global container-shipping capacity, squeezing smaller operators in major markets. 

With the world’s two biggest shipping lines now breaking up, carriers in the remaining alliances may seek new partners. They may also follow the lead from Maersk and MSC executives who said dropping the operating cooperation will give them more room to pursue their separate strategies.