Navigating Detention and Demurrage Billing Reform, Aviation Supply Chain Integrity, and International Sanctions
Navigating the Waves of Detention and Demurrage Billing Reform
The Federal Maritime Commission (FMC) has released a new rule addressing detention and demurrage billing practices in compliance with the Ocean Shipping Reform Act of 2022, aiming to rectify major issues for shippers during the pandemic. The FMC’s final rule outlines regulations on who can receive detention and demurrage invoices and sets a timeframe of 30 calendar days for issuing these invoices. Most of the rulings are set to take effect on May 26, with the goal of promoting supply chain fluidity and efficiency. Stakeholders, including the Harbor Trucking Association, view the standardized billing practices as a positive step, expecting the new rule to eliminate unjust charges and enhance transparency in ocean carrier billing practices. This ruling marks a significant advancement in addressing concerns raised by shippers and sets the stage for improved billing processes in the industry.
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Aerospace Giants Unite to Protect Aviation Supply Chain Integrity
Major aerospace industry players, including Boeing and Airbus, have formed a new coalition called the Aviation Supply Chain Integrity Coalition, that focuses on preventing unauthorized parts entry into the aviation supply chain. This comes after the firm AOG Technics allegedly sold thousands of unapproved engine parts with forged certifications into the aerospace supply chain, through the engines of CFM International, co-owned by GE Aersopace and Safran. The coalition consists of senior representatives from Pacific Air Cargo, United Airlines, Delta Air Lines, Safran, American Airlines, GE Aerospace, StandardAero, and Embry-Riddle Aeronautical University. The group’s ultimate goal is to prevent similar incidents in the future. With the rapid response of the aviation industry, most of the unapproved parts were bulldozed to likely affect less than 1% of CGM engines.
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Navigating Challenges and Seeking Collaboration at the WTO Abu Dhabi Meeting
Trade ministers from around the world gathered in Abu Dhabi for a World Trade Organization (WTO) meeting, seeking to establish new global commerce rules. However, the cautious optimism expressed by WTO chief Ngozi Okonjo-Iweala and delegates indicates the challenges faced by the organization. The meeting focused on discussions regarding banning government subsidies on global fish stocks, tackling investment barriers, digital trade, and agriculture trade rules. The absence of India’s commerce minister raised concerns, as India could potentially be a holdout on crucial issues. US Trade Representative Katherine Tai emphasized the need for collaboration and reform within the WTO to address the current complexities of global trade. The determination of various stakeholders, coupled with Okonjo-Iweala’s commitment to negotiations, offers hope for progress despite the geopolitical hurdles.
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U.S. Slaps Sanctions on Over 600 Denied Parties On Anniversary of Russia’s Ukraine Invasion
Article highlights significant actions taken by the U.S. government on the second anniversary of Russia’s invasion of Ukraine. The Treasury Department’s Office of Foreign Assets Control (OFAC) and the Department of State announced more than 500 sanctions designations against Russian government officials, companies, and individuals. These sanctions aim to target those responsible for the death of opposition politician Aleksey Navalny, Russian government officials involved in forced transfers of Ukrainian children, and entities supporting Russia’s war efforts. The list includes various sectors of the Russian economy such as finance, technology, defense, manufacturing, and transportation. U.S. persons are prohibited from engaging in transactions with these blocked entities, and secondary sanctions may be imposed on non-U.S. persons providing assistance to the designated entities. Additionally, the Department of Commerce’s Bureau of Industry and Security announced new export controls and additions to the Entity List, further restricting certain entities involved in supporting Russia’s war efforts.
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