UNITED Arab Shipping Company has lodged a petition with
the Federal Maritime Commission (FMC) to be exempted from the US government's
rules concerning "controlled" carriers, after the government of Qatar
become the major shareholder in UASC with 51.27 per cent.
The FMC currently classifies four shipping lines as
"controlled" carriers, and still includes Hainan Pan Ocean Shipping
despite the company halting its liner shipping operations to the US in July
2012.
The three remaining shipping lines, APL, Cosco and CSCL,
have previously been granted exemptions by the FMC from the requirements of the
controlled carriers act.
The requirements would force carriers to wait 30 days to
lower their freight rates.
According to UASC's submission to the FMC, granting the
exemption would allow the carrier to react quickly to market conditions and be
more competitive, reported Alphaliner.
The controlled carrier rules were introduced to prevent
state-owned ocean liners from manipulating freight rates through 'rate dumping'
strategies to drive out their competitors.
Source : HKSG.
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