The Federal Maritime Commission extended by seven months its oversight of carriers involved in the Transpacific Stabilization Agreement and Westbound Transpacific Stabilization Agreement, the Journal of Commerce reported.
The FMC imposed the order a year ago as a result of a nine-month investigation into shipper allegations that carriers manipulated capacity to artificially inflate rates in the first two months of 2010. The results of investigation were never released.
The order directs carriers to provide the FMC with verbatim transcripts of selected meetings until April 30, 2012. The extension will provide information to see if carriers intend to reduce capacity after the September-October peak season, the commission said. The requirement was lifted for some meetings, but carriers will still be obligated to provide the FMC transcripts of chief executive, revenue policy and Indian subcontinent committee meetings.
Commissioner Rebecca F. Dye, who conducted the 2010 investigation, dissented from the new order. She said that market conditions that led to the investigation no longer existed, so transcripts were no longer necessary.
The FMC imposed the order a year ago as a result of a nine-month investigation into shipper allegations that carriers manipulated capacity to artificially inflate rates in the first two months of 2010. The results of investigation were never released.
The order directs carriers to provide the FMC with verbatim transcripts of selected meetings until April 30, 2012. The extension will provide information to see if carriers intend to reduce capacity after the September-October peak season, the commission said. The requirement was lifted for some meetings, but carriers will still be obligated to provide the FMC transcripts of chief executive, revenue policy and Indian subcontinent committee meetings.
Commissioner Rebecca F. Dye, who conducted the 2010 investigation, dissented from the new order. She said that market conditions that led to the investigation no longer existed, so transcripts were no longer necessary.