ANGRY US importers accuse foreign ocean carriers of profiteering as they fail to deliver the goods while freight rates and profits soar, reports the New York Times.
These are complaints prepared for the Federal Maritime Commission (FMC), a situation that has triggered legislation in Congress aimed at beefing up the commission's authority to challenge "abuses" by shipping firms.
Carriers are exploiting the supply chain chaos to breach contracts and jack up rates, importers say in asking for federal intervention.
Chicago's MSRF, assembles gift baskets for Walmart, Walgreens and other huge chains, importing key elements such as mugs and bowls from China. "We are finding it impossible to get containers right now," said company president David Reich.
Said F9 Brands CEO Jason Delves, whose Tennessee firm imports Asian flooring, cabinetry and outdoor furniture: ""It's just them manipulating the market to see how high they can drive the price. "Contracts are not worth the paper they are written on these days. They just don't honour them."
Said the New York Times: "The five largest container-shipping companies collectively made profits of more than US$64 billion last year - an increase of $41 billion from the previous year - according to a report compiled by Accountable.US, a watchdog organisation.
Said John Butler, president of the World Shipping Council the industry lobby: "When you say, 'What's fair?,' you have to ask a fundamental question: Do you trust the market, or do you only trust the market when it's a buyer's market?"
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