Foreign Ocean Carriers Blamed for High Shipping Costs

Washington, D.C. - December 13, 2021 - (The Ponder News) -- The COVID-19 pandemic has roiled supply chains around the world, creating bottlenecks that have added costs and delays for small businesses and consumers. In the global shipping industry, all major ocean carriers are foreign-based and have not played fair with American exporters and importers during this crisis: 30 years ago, the largest foreign-flagged ocean carriers controlled around 15% of traffic. Today, they control 75%. As a result, American businesses have found it difficult to get their goods to market for a fair and reasonable cost, leading to shortages and higher prices.

H.R. 4996, which represents the first major modernization of the global ocean shipping industry since 1998, will:

ensure fairness in ocean shipping by prohibiting ocean carriers from unreasonably refusing to transport American cargo;

strengthen the overseas supply chain by combating unfair and disruptive business practices by shipping companies; and

bolster the Federal Maritime Commission so that it has the resources to hold wealthy shipping companies accountable.