WASHINGTON, March 8, 2022 /PRNewswire-PRWeb/ — The Vinyl Institute (VI) has signed a coalition letter, along with 89 other companies and trade associations, in support of the reforms included in US Senators Klobuchar (D-MN) and Thune (R-SD) Ocean Shipping Reform Act of 2022 (OSRA22). The bill seeks to address the long-standing, systemic supply chain and port disruption issues that the COVID-19 pandemic has further exacerbated, especially the issue of detention and demurrage.
“The ongoing port congestion has led to substantial increases in unfair detention and demurrage fees that are beyond the control of cargo owners and other supply chain stakeholders,” said Ned Monroe, President and CEO of the Vinyl Institute. “These fees are costing cargo owners and truckers millions of dollars, which ultimately lead to increased costs of goods for consumers.”
While the VI and its allies welcome the Interpretive Rule of Detention and Demurrage as published by the Federal Maritime Commission, this legislation seeks to formalize this rule to go beyond guidance and define the parameters for these charges.
“This bill enjoys strong bipartisan support. We encouraged the Senate to act quickly to pass the bill and reconcile the differences with the House version,” added Monroe.
About the Vinyl Institute:
The Vinyl Institute (VI), founded in 1982, is a US trade association representing the leading manufacturers of vinyl, vinyl chloride monomer, vinyl additives, and modifiers. The VI works on behalf of its members to promote the benefits of the world’s most versatile plastic, used to make everything from PVC piping to flooring, roofing and vinyl siding. The vinyl industry in the United States employs over 350,000 highly skilled employees at nearly 3,000 facilities and generates an economic value of $54 billion.
SUSAN R WADE, The Vinyl Institute, 12027652290, [email protected]
SOURCE The Vinyl Institute