Tag: biden ocean shipping reform act

President Biden Signs Ocean Shipping Reform Bill

June 17, 2022

To address the growing problem of ocean shipper consolidation—port congestion, shipping rate increases, and subsequent supply chain backlogs and shortages—President Joe Biden on June 16, 2023, signed legislation that overhauls shipping laws for the first time since 1998. “The industry has dealt with supply chain issues as products or components of products necessary at nearly every step of construction have been delayed,” noted Brian Pallasch, chief executive officer and executive vice president of IIBEC. “We are hopeful that the Ocean Shipping Reform Act of 2022 (S.3580) will give the Federal Maritime Commission (FMC) the tools necessary to bring order and competition back to the industry and prevent future port congestion.”

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