What Ocean Shipping Reform Act of 2022 Means for Logistics?
Since the outbreak of COVID-19 in 2020, global freight prices have skyrocketed, with congestion, delays and high prices becoming a hot topic for the industry in 2020, 2021 and 2022, with both shippers and forwarders suffering the most difficult time ever. This common problem of the industry has caused great concern of governments. In response to the outstanding situation of congestion and high prices of import and export shipping in the U.S., on June 13, 2022, the U.S. House of Representatives passed the Ocean Shipping Reform Act of 2022, hereinafter referred to as "OSRA 2022", and on June 16, U.S. President Joe Biden signed this bill and it officially On June 16, President Biden signed the bill into law. This is the first time in 25 years that the U.S. has made additional amendments to the laws regulating the international shipping market. OSRA 2022 is a 40-page law that mainly addresses the Shipping Reform Act of 1998, with specific provisions to increase the obligations ...