THE 29-year-old quasi-shipping conference, the Transpacific Stabilisation Agreement (TSA), is closing its doors, having found its role no longer viable in the face of radical changes in the industry in recent years.
"During these challenging times, it became apparent that the TSA's original mission was no longer viable," said TSA executive administrator Brian Conrad.
"The transpacific trade and, more broadly, ocean transportation worldwide, has experienced significant changes in the past few years," he said.
TSA was among the first "carrier discussion agreements" formed after passage of the US 1984 Shipping Act. But unlike its Asia-Europe counterpart, the Far Eastern Freight Conference, which was banned by the EU in 2008, TSA did not set rates, but "recommended" changes to them. This would have been against the law in Europe, but not in the United States and Canada, which the TSA served.
Said Mr Conrad: "I believe that TSA has performed an important role over the years in supporting the development of U.S. international trade."
Member lines of the TSA were APL (now merged with CMA CGM), "K" Line (now bundled into ONE with NYK and MOL), CSCL (merged into Cosco), Maersk Line, CMA-CGM, MSC, Cosco, NYK (now bundled into ONE) and MOL (also bundled into ONE), Evergreen Line, OOCL (soon to be merged with Cosco), Hanjin Shipping (bankrupt), Yangming, Hapag-Lloyd, Zim and Hyundai Merchant Marine.
Sources:schednet
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