Container carriers are facing new measures in the US Congress that would strip away a long-standing antitrust exemption and require them to load more exports, even as the first shipping reform law in two decades is still being implemented, reports Bloomberg.
Consumer demand surge
As consumer demand surged during the pandemic and logistics networks clogged up, the liner companies were accused of operating like cartels, driving up freight rates for US imports and other busy routes while refusing to take lower-fare exports.
President Joe Biden even took credit in his State of the Union address in February for cracking down on soaring shipping costs, adding “let’s finish the job” by strengthening antitrust enforcement.
Now, a wave of legislation is coming just as the carriers navigate a market that’s turned sharply in their customers’ favor, with rock-bottom freight rates sure to slash profits that reached all-time highs through much of the past 18 months.
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Source: Bloomberg
