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FMC vets THE Alliance plan to cushion members financial distress
CARRIERS of the vessel sharing agreement known as THE Alliance have proposed to the Federal Maritime Commission (FMC) the establishment of a contingency fund to cushion the impact on shippers of any financial distress that befell any of its member lines.
In response to THE Alliance members' Hapag-Lloyd, "K" Line, MOL, NYKand Yang Ming's request for an expedited review of the proposal, the FMC has invited public comment on proposal to be submitted to the Secretary, Federal Maritime Commission, Washington, DC 20573. Or key in: https://www2.fmc.gov/FMC.Agreements.Web/Public/AgreementHistory/1912 .
Said FMC Commissioner William Doyle: "I am pleased that THE Alliance is seeking Federal Maritime Commission authority to form, contribute funds to, develop rules for and administer a contingency fund designed to protect against the effects of one of the parties experiencing financial distress or insolvency."
THE Alliance seeks authority to form, contribute funds to, develop rules for, and administer a contingency fund designed to protect against the effects of one of the parties experiencing financial distress.
Said Mr Doyle: "The collapse of Hanjin Shipping was a wake-up call. Over US$14 billion worth of cargo was stranded at sea on 100 ships scattered around the globe.
"It is so important that another Hanjin debacle does not happen again. Companies may fail, but the responsibility lies with everyone, at least to the extent that we do not have the damage that occurred post-Hanjin.
"Looking back, things could have been done differently. Looking forward, things must be done differently," he said.
In response to THE Alliance members' Hapag-Lloyd, "K" Line, MOL, NYKand Yang Ming's request for an expedited review of the proposal, the FMC has invited public comment on proposal to be submitted to the Secretary, Federal Maritime Commission, Washington, DC 20573. Or key in: https://www2.fmc.gov/FMC.Agreements.Web/Public/AgreementHistory/1912 .
Said FMC Commissioner William Doyle: "I am pleased that THE Alliance is seeking Federal Maritime Commission authority to form, contribute funds to, develop rules for and administer a contingency fund designed to protect against the effects of one of the parties experiencing financial distress or insolvency."
THE Alliance seeks authority to form, contribute funds to, develop rules for, and administer a contingency fund designed to protect against the effects of one of the parties experiencing financial distress.
Said Mr Doyle: "The collapse of Hanjin Shipping was a wake-up call. Over US$14 billion worth of cargo was stranded at sea on 100 ships scattered around the globe.
"It is so important that another Hanjin debacle does not happen again. Companies may fail, but the responsibility lies with everyone, at least to the extent that we do not have the damage that occurred post-Hanjin.
"Looking back, things could have been done differently. Looking forward, things must be done differently," he said.
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