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US shippers to benefit from Congressional Passage of Ocean Shipping Reform Act

Lower shipping costs expected as Congressional Passage of Ocean Shipping Reform Act is passed in the USA.

The latest political move in US shipping will see the powers held by shipping lines significantly reduced in an attempt to curtail sky-high costs and avoid ‘unscrupulous’ ocean shipping practices.

The Congressional Passage of Ocean Shipping Reform Act, a legislation aimed at promoting US exports, was voted by The House at 369-42 to send the bill to President Biden’s desk following his statement of support on June 13th.

Biden has previously called for high prices and unfair practices to be addressed amidst the rising cost of living for US households. In the statement, the President also expressed concern at ocean carriers increasing their pricing by up to 1,000% whilst refusing some American exports and leaving high volumes of empty containers, leaving US farmers, ranchers and the overall economy financially vulnerable.

Amongst other associations, the World Shipping Council have been heavily in favour of action being taken by the US government to work on a rebalance of power towards local business and the sustainability of US supply chains. “The World Shipping Council will continue to work with federal and state policymakers, as well as other parties, to pursue the necessary lasting solutions – such as continued investment in port infrastructure – that can have real impact in strengthening the intermodal transportation system that has supported the U.S. economy through the pandemic.”

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