GSL agrees 'strong' deal with 'top-tier' carrier for post-panamax quartet
Despite weak fundamentals and uncertainty in liner markets, ocean carriers are still prepared to commit ...
© Mahmoud Suhail
By Alex Lennane
The argument between bankrupt Bed Bath & Beyond (BBBY), and shipping line OOCL, has become fiercer. OOCL has hit back against the retailer’s $31m claim, made to the Federal Maritime Commission.
It denied that it had driven up rates, “created artificial scarcity, unjustly and unreasonably exploited customers”, pointing instead to the fall-out from the Covid pandemic, which had constrained supply chains, reports Yahoo. It argued that instead, OOCL had invested in new capacity and had worked cooperatively with customers.
It added: “BBBY is asking the commission to invent contract requirements that were not bargained for or agreed to between the parties. Respondents performed all the commitments as required by the service contracts, which were amended by mutual agreement before their expiration, and duly filed with the commission.”
The case continues…
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