Sky-high shipping prices are expected to cool down! China, the United States and Europe held a global maritime regulatory summit

Since the beginning of 2020, affected by multiple factors including the COVID-19 epidemic , global shipping costs have skyrocketed, container prices have hit new highs, the global supply chain has been severely affected , and cross-border sellers have suffered .

Faced with the difficulties of global logistics and abnormally high shipping prices, the U.S. Federal Maritime Commission ( FMC) official website announced on September 8 that the Ministry of Transport of China, the U.S. Maritime Commission and the European Union held the biennial "Global Shipping Regulatory Summit". The meeting was hosted by the European Commission and held online on September 7, 2021 local time.

It is reported that the meeting discussed three issues that are currently attracting much attention: analysis of demand and supply related to international shipping after the outbreak of the new crown epidemic, the difficulties currently faced by the shipping industry, and the reasons why the shipping industry is affected ; the response actions taken by relevant jurisdictions and management authorities to the aforementioned events so far and their results ; what possible measures may be taken in the future to get the shipping industry back on track.

The Chinese delegation was led by Li Tianbi, Director of the Water Transport Bureau of the Ministry of Transport of the People's Republic of China.

Daniel Maffei, Chairman of the Federal Maritime Commission, said at the meeting: "The abnormally high prices of shipping and container prices have attracted widespread attention from regulators, legislators and the public around the world. Today's summit provides a platform for shipping container regulators from various countries to share information observed by their respective regulatory and enforcement mechanisms in the market and respond to price adjustments made by container carriers."

Daniel Maffei, Chairman of the Federal Maritime Commission, highly praised the EU for hosting this meeting : " The sky-high shipping costs have attracted the attention of global regulators, legislators and the public. This Global Regulatory Summit provides an opportunity for relevant agencies from various countries to share and exchange ideas . Participants shared their respective regulatory methods and enforcement systems , as well as market conditions observed recently . I believe that this meeting provides a valuable platform for information exchange . "

Regarding the recent problems in maritime transport, Wan Zhongxin , director of the Research Center of the General Administration of Customs , pointed out on September 3 that the recent maritime transport market for goods trade has seen continued problems of poor transportation and high freight rates, which will restrict the sustainability of the growth of goods trade.

The delegation agreed to hold the next Global Regulatory Summit in Beijing in 2023. The first Global Regulatory Summit was held in December 2013 and hosted by the Federal Maritime Commission. Subsequent meetings were held in Belgium in 2015, China in 2017 and the United States in 2019.

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