The latest Market Intelligence report from the Ministry of Foreign Affairs has indicated significant changes could impact New Zealand exporters.
Consequently, in response to supply chain challenges arising from the pandemic, the U.S.A. made its first overhaul of ocean shipping laws in over two decades in June of last year. This overhaul aimed to lower consumer costs by addressing ocean carriers' high prices and unfair practices.
Some of the Ocean Shipping Reform Act's key rules are yet to take effect, which could impact New Zealand exporters. Two significant revised rules are regarding stopping empty containers leaving port when U.S.A goods can be loaded and a streamlining of regulations surrounding carriers charging late fees to shippers when they are slower than expected to move goods.
The industry has indicated that the market for ocean services is highly competitive. These changes have generated movement in the shipping alliance landscape. Cooperative agreements among ocean carriers serve as a strategic alliance to cover different trade routes. These alliances and shipping partnerships are imperative to New Zealand.
The complete scope of the impacts on New Zealand exporters remains unknown.
