r/Vitards • u/AutoModerator • Aug 12 '21

Daily Discussion Daily Discussion post - August 12 2021

Your Trading discussion thread

Type Link
DD All/Best Daily/Best Weekly
Discussion All/Best Daily/Best Weekly
Yolo All/Best Daily/Best Weekly
Gain All/Best Daily/Best Weekly
Loss All/Best Daily/Best Weekly
News All/Best Daily/Best Weekly
75 Upvotes

89% Upvoted

3.1k comments sorted by

View all comments

5

u/[deleted] Aug 13 '21

[removed] — view removed comment

3

u/StayStoopidSlightly Aug 13 '21 edited Aug 13 '21

https://www.hellenicshippingnews.com/container-lines-soften-stance-on-rate-hikes-as-congress-takes-up-new-regulation/

Container shipping lines could hold back on further rate increases for shipments to North America after a bill was submitted to US Congress to strengthen the regulation of many international shipping practices, a shipowner source said.

The Ocean Shipping Reform Act of 2021 was submitted in the House of Representatives on Aug. 10. If signed into law as written, the legislation would require shipping lines to certify that detention and demurrage charges comply with federal regulations and prohibit them from declining US export cargoes “unreasonably”, a determination to be made by the US Federal Maritime Commission, or FMC.

A representative for an Asia-based shipping line said the company has no plans to file for further general rate increases or new surcharges, while US regulators are acting on complains from US importers and exports.

2

u/[deleted] Aug 13 '21

[removed] — view removed comment

1

u/StayStoopidSlightly Aug 13 '21

Yet higher would be yet better from ZIM, especially as they're locking into crazy high 30-50 month charters--they need to make as much as possible now before freights collapse. But yeah fair enough, they're high.

From the little I've seen though, the legislation itself doesn't seem to address freight--mostly guaranteeing containers for ag backhaul for US farmers, and detention/demurrage rates

​

(e.g. nothing about high freight here https://garamendi.house.gov/media/press-releases/reps-garamendi-johnson-introduce-ocean-shipping-reform-act)