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THE Alliance authorised to set up fund to deal with member insolvency
THE US Federal Maritime Commission has voted to allow THE Alliance Agreement to create a contingency fund to help member lines manage through insolvency or financial distress, reported the American Journal of Transportation.
The amendment to THE Alliance was submitted on August 14 and the commission granted the request of petitioning parties for an expedited review. The amendment is effective immediately.
"THE Alliance sought this amendment to address marketplace issues and consumer concerns. This amendment reflects the market process in action," said Federal Maritime Commission acting chairman Michael Khouri.
THE Alliance Agreement is comprised of five container shipping lines: Hapag-Lloyd; "K" Line; MOL; NYK; and Yang Ming. Under the terms of the agreement, THE Alliance members are permitted to share vessels, charter and exchange space on each other's ships, and enter into cooperative working arrangements.
The amendment to THE Alliance was submitted on August 14 and the commission granted the request of petitioning parties for an expedited review. The amendment is effective immediately.
"THE Alliance sought this amendment to address marketplace issues and consumer concerns. This amendment reflects the market process in action," said Federal Maritime Commission acting chairman Michael Khouri.
THE Alliance Agreement is comprised of five container shipping lines: Hapag-Lloyd; "K" Line; MOL; NYK; and Yang Ming. Under the terms of the agreement, THE Alliance members are permitted to share vessels, charter and exchange space on each other's ships, and enter into cooperative working arrangements.
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