NYSHEX, carriers push for more binding ocean shipping contracts
from American Shipper
Renege on a cargo contract in tanker or dry bulk shipping and your counterparty will attach your assets and drag you into arbitration. Containerized freight contracts are different — more like Third World traffic rules (that red light you see is just a suggestion). Promised cargo might not show up. Ships might not load the cargo that does. Efforts to change this are now gathering steam, particularly in the wake of massive coronavirus disruptions to containerized trade.
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