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US, EU, China's regulators get together, but there's little to discuss
MARITIME regulators from the United States, China and the European Union agreed to cooperate more closely to monitor increased tie-ups among shipping groups, Reuters reported.
"With the continued growth in scope of carriers' cooperation, the authorities considered that monitoring of the sector warrants ever closer contact and better communication between competition and regulatory authorities," said the European Commission statement.
But there wasn't much to talk about. Not like last year when they decided to get together. Then visions abounded of mighty shipping alliances battering helpless shippers. This called for a massive regulatory alliance.
But a year later the world of shipping had changed as it so frequently does. Carriers are suffering the lowest freight rates in decades and the shippers were looking like bullies.
The shipping industry has been battling overcapacity linked to a glut of new vessels ordered during a boom period before the global financial crisis of 2007-2009, forcing operators to look for ways to become more efficient.
"With the continued growth in scope of carriers' cooperation, the authorities considered that monitoring of the sector warrants ever closer contact and better communication between competition and regulatory authorities," said the European Commission statement.
But there wasn't much to talk about. Not like last year when they decided to get together. Then visions abounded of mighty shipping alliances battering helpless shippers. This called for a massive regulatory alliance.
But a year later the world of shipping had changed as it so frequently does. Carriers are suffering the lowest freight rates in decades and the shippers were looking like bullies.
The shipping industry has been battling overcapacity linked to a glut of new vessels ordered during a boom period before the global financial crisis of 2007-2009, forcing operators to look for ways to become more efficient.
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