Baltimore port bridge collapse: Global ocean carriers put U.S. companies on hook for urgent cargo pickup

Some ocean carriers are invoking 'force majeure' as a result of the Port of Baltimore bridge collapse and telling shippers including U.S. retailers that once cargo is dropped at alternate ports, it's no longer their responsibility.

The supply chains for major wood panel importers, including Lumin Forest Products, Sudati, and Arauco, also rely heavily on Baltimore. The urgency of picking up diverted containers has increased as ocean carriers declare"force majeure" on Baltimore-bound containers once the boxes arrive at the diverted port, and companies who have imported their products need to to find transportation to move the cargo before container late fees are charged.

Officials from the DOT's Office of Multimodal Freight tell CNBC they have heard from FLOW ocean carriers and shipper members, and they are evaluating near-term and medium-term options to divert their cargo given the collapse of the Francis Scott Key Bridge.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Baltimore port bridge collapse: Global ocean carriers declare 'force majeure,' leaving U.S. companies on hook for urgent cargo pickupOcean container vessel giants including CMA CGM and COSCO are declaring force majeure due to Baltimore port bridge accident, leaving shippers on hook for cargo.
Source: CNBC - 🏆 12. / 72 Read more »