The South Korean FTC has approved Maersk’s acquisition of Hamburg Sud, subject to it exiting alliance memberships on routes between Far East Asia and Central America / Caribbean and West Coast South America. That’s the last hurdle required for the deal to be completed, possibly by November 30.

The exclusion of Brazil from the concessions is a surprise. The FTC’s assessment is that the newco will hold 33% of Central America / Caribbean routes and 38% of West Coast South America’s. Yet, Panjiva data shows it would also have 35% of all Brazilian traffic, though on Far East Asia lane...