The Transpacific Stabilization Agreement (TSA) announced on earlier this week that it will close its business on 8 February this year. TSA, a voice for the ocean carriers in the US, will shut down after about 30 years of operating.
The close of TSA was announced by its executive administrator, Brian Conrad, who mentioned that this development is partly because of major changes in the commercial and operational environment in the transpacific trade, something that will continue in the years to come.
As these changes are occurring, TSA could not keep up and its mission became non-viable, Mr, Conrad, stated. However, TSA’s work over the years, improved the US international trade.
This comes a little while, Maersk joined the New York Shipping Exchange, the innovator of the first digital forward freight contract for global container shipping, as a founding member. In less than nine months, NYSHEX has added six of the top global ocean carriers as members, representing a combined 52% of the global capacity.
TSA was founded in 1989 and was one of the first carrier agreements. TSA tried to provide a forum for lines, in order to facilitate the commercial, business and economic environment.
