Biden orders FMC to tackle ‘exorbitant’ container shipping fees

President Biden has signed an executive order looking to promote competition in the US economy, which features a call for the Federal Maritime Commission (FMC) to act against carriers charging exorbitant fees to exporters.

In a statement, the White House noted that the global marketplace in maritime shipping has rapidly consolidated since 2000 when the largest ten shipping companies controlled 12% of the market to today where their market share is more than 80%.

According to the US government, this leaves domestic manufacturers who need to export goods at the ‘mercy’ of large foreign companies.