Americas News
THE Alliance Requests FMC Authorisation for Contingency Fund
The U.S. Federal Maritime Commission (FMC) says members of THE Alliance are looking to form a contingency fund to provide protection in event one of the parties succumbs to financial distress or insolvency, World Maritime News reports.
Parties to THE Alliance filed the supporting amendment to the group's agreement with the FMC on August 7, requesting an expedited review.
"It is so important that another Hanjin debacle does not happen again. Companies may fail, but the responsibility lies with everyone, at least to the extent that we do not have the damage that occurred post-Hanjin," William P. Doyle, a Commissioner with the FMC, has said.
As Ship & Bunker reported, Hanjin Shipping - once the world's seventh largest box carrier - filed for court protection on August 31, 2016 and succumbed to bankruptcy in February of this year.
