Ocean Shipping Reform Act Update
The bipartisan Ocean Shipping Reform Act of 2022 aims to level the playing field for American exporters and importers by providing the Federal Maritime Commission (FMC) the tools it needs to improve oversight over international ocean carriers and crack down on rising shipping fees facing consumers.
The Biden Administration is looking at ways to bring down inflation including easing tariffs on imports from China.
China Covid Update
The Port of Shanghai is starting to see some alleviation after the lengthy shutdown with dwell times and delays dropping off.
Spot market volume continued to decline in April shifting into the contract environment.