Ocean shipping lobby grilled on carrier profits.
Byline: S. Kamal Hayder Kazmi
After hearing testimony from fellow witnesses on how jammed supply chains and exorbitant shipping charges are hammering their businesses, World Shipping Council President and CEO John Butler was asked how some of his ocean carrier members can justify their best financial quarter in decades.
"The price situation right now is entirely unfamiliar to us," Butler acknowledged during a Senate Commerce Committee hearing on Tuesday. "For the last 20 years, the ocean shipping business has been lucky to make its cost of capital. And what we're facing is completely unprecedented."
However, as Butler has asserted all during the...
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