News

Ocean Shipping Reform Act working as intended

The co-author of the Ocean Shipping Reform Act suggests the legislation is working as intended.

U.S. Senator Amy Klobuchar says the bill has helped level the playing field since it was signed into law this summer.

“Because it empowers the Maritime Commission to go after the shippers. We’ve seen some dramatic reductions in rates.”

The Minnesota Democrat says in the last year, the cost of importing shipping containers dropped 84 percent and export costs have fallen more than 20 percent.

“Now that’s not all because of our bill, I wish it was. But our bill was very helpful because they knew what was coming.”

The law authorizes the Federal Maritime Commission to self-initiate investigations of ocean common carrier’s business practices and apply enforcement measures.

Klobuchar made these comments during the AgriGrowth Food and Ag Summit in Minneapolis earlier this month.