shippingposition
  • Home
  • News
  • Editorial
    • Vox Pop
  • Maritime safety
  • Oil and Gas
  • Personality
  • Health
No Result
View All Result
shippingposition

Home » US President Biden Signs The Ocean Shipping Reform Act Into Law

US President Biden Signs The Ocean Shipping Reform Act Into Law

by Joshua
June 20, 2022
in Coast To Coast

President Joe Biden has signed legislation aimed at cutting overseas shipping prices, calling the new law another move by his administration to curb stubborn inflation.

President Joe Biden
U.S. Senator Amy Klobuchar (D-MN) speaks to U.S. President Joe Biden while attending the signing into law of the Ocean Shipping Reform Act of 2022, which will level the playing field for American exporters and importers, including farmers, and reduce costs for American consumers by lowering the cost of ocean shipping, at the White House in Washington, U.S, last week

The law will stop “shipping companies taking advantage of American families, farmers, ranchers and businesses,” the president said at a signing ceremony for the broadly bipartisan measure — an indication of the White House’s urgency to show voters it’s trying to bring down price increases stuck at a four-decade high.

“They raked in the profits and the costs got passed on, as you might guess, directly to consumers,” he added. “Sticking it to American families and businesses because they could.”

The shipping measure seeks to alleviate supply-chain bottlenecks at sea that were exacerbated by a spike in demand during the pandemic. It directs the Federal Maritime Commission to prevent ocean carriers from unreasonably refusing to fill open cargo space with US exports and to investigate late fees charged by shippers.

Biden said the law would “at least marginally” reduce inflation. It doesn’t directly address elevated shipping costs that American importers and exporters have long complained are the heart of the problem, though backers of the bill predicetd it would have an overall chilling effect on prices.

American importers and exporters say that Asia- and Europe-based firms controlling 80% of global seaborne capacity are immune from US antitrust laws and need to be held accountable for pandemic-driven cost increases, an argument the White House has embraced.

“One of the factors affecting prices is this: nine major shipping companies consolidated into three alliances controlling the vast majority, mostly shipping in the world,” Biden said. “And each of these nine is foreign-owned. During the pandemic, these carriers increased their prices by as much as 1,000%.”

Attempts to “demonize ocean carriers” are not only inaccurate but dangerous because they undermine the ability to understand the root of US supply-chain problems, the World Shipping Council said in a statement.

Read Also:  Kongsberg To Digitalise MSC Ships

“As long as America’s ports, rail yards and warehouses remain overloaded and unable to cope with the increased trade levels, vessels will remain stuck outside ports to the detriment of importers as well as exporters,” the WSC said. “Ocean carriers continue to move record volumes of cargo for our country and have invested heavily in new capacity — America needs to make the same commitment and invest in its land-side logistics infrastructure.”

Biden has sought to assure Americans that inflation is his priority after consumer prices soared 8.6% in May from a year earlier, while fears intensify of a recession on the horizon.

During a visit last week to the Port of Los Angeles, the US’s busiest maritime hub, Biden said foreign shippers need to understand “the rip-off is over.”

High prices to ship containers of goods have driven inflation for imports and sapped profits of exporters, including farmers, said Senator Amy Klobuchar, the bill’s sponsor.

“The goal is lower prices. We must bring prices down,” she said. “I think the effect will be more immediate than the actual rules, when the rules take effect, because the shipping conglomerates know this is coming.”

shippingposition

Kindly like us on Facebook


Tags: US President Biden

Related Posts

 CMA CGM Launches Electric River Barge with NIKE

 CMA CGM Launches Electric River Barge with NIKE

June 1, 2025
Egypt To Reduce Customs Clearance Time To 2 Days By 2025

Egypt To Reduce Customs Clearance Time To 2 Days By 2025

June 1, 2025
UK-Korea Workshop Focuses on Regulatory Readiness for Autonomous Shipping

UK-Korea Workshop Focuses on Regulatory Readiness for Autonomous Shipping

June 1, 2025
158 Vessels Abandoned Globally, Impacting 1,501 Seafarers —-ITF

158 Vessels Abandoned Globally, Impacting 1,501 Seafarers —-ITF

June 1, 2025

Latest News

Lagos Says N4trn Lost Annually To Traffic Congestion: Vows To Enforce   e-Call-Up On Lekki Epe Corridor Monday

Lagos Says N4trn Lost Annually To Traffic Congestion: Vows To Enforce   e-Call-Up On Lekki Epe Corridor Monday

June 14, 2025

FG Should Prioritise Diving For Job Creation – Porbeni

Shipping On Edge As Israel And Iran Fight Fire With Fire

Military Deactivates 21 Illegal Refineries, Nabs 23 Oil Thieves

CG Adeniyi Applauds Ogun II Command for Optimising 40% Revenue Increase

Apapa Customs Collaborates With Stakeholders To Boost Cargo Transport By Rail

IMO Elections: MWUN Rallies Behind Nigeria, Says “NIMASA Has Done Well”

Mokwa Flood: NRC Boss Commiserate With Victims

Lekki Freeport Terminal: Redefining Nigeria’s Maritime Landscape with Unparalleled Performance

Vessels Expected At Lagos Ports As At 13th June, 2025

NPA Meets APM Terminals, Shipping Lines Over Container Movement To Seaport

MWUN, AMATO Disown COMTUA, Say Association Not Recognized By Maritime Trucking Unions

kindly like our Facebook page

Health

Health Facts You Didn’t Know
Health

How Your Habit Affects Fertility

May 19, 2025

Fertility is such a complex process that starting a family does not always come with guarantees. There are many processes...

Fruits For Raining Season

Fruits For Raining Season

May 19, 2025
See Mental Illness Like Other Treatable Diseases – Says Suicide Survivor

Health Facts You Didn’t Know

May 19, 2025
Alligator Pepper: Benefits, FAQ, Side Effects, & Warning

Alligator Pepper: Benefits, FAQ, Side Effects, & Warning

April 28, 2025
Water And Health: The Relationship That Helps Life

Water And Health: The Relationship That Helps Life

April 28, 2025
Some Truths and Myths About Agbo Herbal Concoction

Some Truths and Myths About Agbo Herbal Concoction

April 21, 2025
The Malaise Of Misuse of Antibiotics

The Malaise Of Misuse of Antibiotics

April 14, 2025
Urologist Debunks Breast-Cancer Prevention Myth

Urologist Debunks Breast-Cancer Prevention Myth

April 14, 2025
Lassa Fever Ravages Ondo, Bauchi, Edo States As NCDC Intensifies Its Multi-Sectoral Response

Lassa Fever Ravages Ondo, Bauchi, Edo States As NCDC Intensifies Its Multi-Sectoral Response

April 14, 2025
See Mental Illness Like Other Treatable Diseases – Says Suicide Survivor

See Mental Illness Like Other Treatable Diseases – Says Suicide Survivor

March 24, 2025

© 2021 Shippingposition

Navigate Site

  • Home
  • About Us
  • Contact us
  • Privacy Policy
  • Sitemap
  • Terms

Follow Us

No Result
View All Result
  • News
  • Coast To Coast
  • Oil and Gas
  • Maritime Education
  • The Terminals
  • Maritime safety

© 2021 Shippingposition