{"id":691,"date":"2016-10-06T15:52:29","date_gmt":"2016-10-06T19:52:29","guid":{"rendered":"\/?p=691"},"modified":"2018-08-08T15:53:40","modified_gmt":"2018-08-08T19:53:40","slug":"remarks-of-commissioner-rebecca-dye-recipient-of-outstanding-woman-of-the-year-award","status":"publish","type":"post","link":"\/remarks-of-commissioner-rebecca-dye-recipient-of-outstanding-woman-of-the-year-award\/","title":{"rendered":"Remarks of Commissioner Rebecca Dye Recipient of Outstanding Woman of the Year Award"},"content":{"rendered":"<h3 style=\"text-align: center;\">Remarks of Commissioner Rebecca Dye<br \/>\nRecipient of Outstanding Woman of the Year Award<br \/>\nGlobal Trade Awards Gala<br \/>\nWomen in International Trade, Los Angeles<br \/>\nOctober 6, 2016<\/h3>\n<p>Thank you, Gloria Cordero, for that very kind introduction. And thanks as well to this great organization and the event sponsors for making tonight\u2019s gala possible.<\/p>\n<p>I\u2019ve been fortunate to visit the ports of LA\/Long Beach since I began the FMC\u2019s Supply Chain Innovation Teams initiative, and I have remarked several times to our FMC staff that I\u2019d love to retire here.<\/p>\n<p>The first thing I have done to increase my ties to the San Pedro Bay area is to become a member of Women in International Trade\u2014and I look forward to being an active member of your organization.<\/p>\n<p>I sincerely appreciate the honor of being named Outstanding Woman of the Year by the LA chapter of Women in International Trade. I am also pleased to join you tonight in recognizing the other accomplished recipients of leadership awards.<\/p>\n<h3>International Trade<\/h3>\n<p>As you know, 2016 is not shaping up as a banner year for trade. Connecting the dots is not difficult. Economic growth \u2013 across the globe, and here in the U.S. \u2013 is, to put it mildly, less than robust. Slower economic growth has meant that cargo volumes are not keeping pace with new vessel tonnage.<\/p>\n<p>That, in turn, means the aggregate supply of vessel space continues to exceed demand, and rates and carrier revenues decline. Under such unfavorable conditions, liner companies try to reduce their costs and financial risks.<\/p>\n<p>The results are:<\/p>\n<ul>\n<li>larger vessels, to seek economies of scale and remain competitive in a punishing financial environment;<\/li>\n<li>a greater focus on operational alliances, to spread the cost and risk of providing extensive international service networks;<\/li>\n<li>major mergers and acquisitions among even the larger lines; and<\/li>\n<li>most recently, the bankruptcy of Hanjin Shipping.<\/li>\n<\/ul>\n<p>I note one bright spot this year: Late last April, the US Coast Guard clarified that U.S. laws and regulations were equivalent to the IMO\u2019s new Safety of Law at Sea requirements for verified container weights. This action by our Coast Guard allowed American exporters to avoid unnecessary logistics costs and restrictions on cargo movement.<\/p>\n<p>On a less happy note, the impact of Hanjin\u2019s bankruptcy, and in particular, the resulting problems for shippers, ports, trucking companies and chassis providers \u2013 here in the San Pedro Bay area and around the world \u2013 has been challenging. The underlying problem \u2013 weak economic growth and excess vessel capacity — is expected to continue.<\/p>\n<p>For the industry as a whole, expectations are that \u2013 along with the consolidation of today\u2019s four major East\/West alliances into three next spring \u2013 merger and acquisition activity likely will continue.<\/p>\n<h3>Major Alliances<\/h3>\n<p>For America\u2019s importers and exporters, the revision of global alliances should present no significant competition problems. The individual lines in alliances will continue to market and price their services separately. Alliances do not increase seller concentration. Mergers and acquisitions, however, do reduce the available number of sellers in a market.<\/p>\n<p>Fortunately, given the total number of competing liner companies, the still relatively low market concentrations in most U.S. trades and the relative ease of entry, even mergers are, under current conditions, unlikely to raise serious competition issues.<\/p>\n<p>Let me underline that point: To the extent that, in response to market forces and financial pressures, many carriers feel they have to choose between operational alliances or mergers, alliances benefit shippers by, among other things, maintaining the same number of sellers. Alliances do not increase market concentration or market power. Mergers do. Alliances are not, as some tend to fear, the virtual equivalent of mergers or acquisition. Not by a long shot.<\/p>\n<p>When the Commission reviews proposed alliance agreements, the lack of market concentration is a significant factor in the our analysis \u2013 just as it is in competition analyses undertaken by the Federal Trade Commission and the Department of Justice\u2019s Antitrust Division.<\/p>\n<p>Of course we have concerns about proposed alliances when their members also participate in rate discussion agreements in the same trade. But absent such special circumstances, operational agreements acting alone \u2013 even major alliances \u2013 are unlikely to substantially reduce competition, especially where markets are not concentrated and exhibit no barriers to entry.<\/p>\n<p>Of course in certain cases, competitive pressure is forcing the sort organizational and technological innovation that free markets reward. The Ocean Alliance (CMA-CGM (APL)), Cosco, Evergreen and OOCL) agreement is currently under review with the Commission.<\/p>\n<h3>Hanjin Bankruptcy<\/h3>\n<p>The way Hanjin\u2019s bankruptcy unfolded was unfortunate for everyone involved. It is pending before a US bankruptcy court \u2013 and is involved in similar legal processes in South Korea and around the world.<\/p>\n<p>While the Commission has no direct role in those proceedings, we have industry expertise and a willingness to do what we can to keep American importers and exporters informed and resolve their problems without interfering with the bankruptcy proceeding.<\/p>\n<h3>Supply Chain Innovation Teams<\/h3>\n<p>Last February, the Commission issued an Order directing me to work with commercial interests to develop solutions to America\u2019s international supply chain challenges. Under that Order, we have established three small teams composed of senior representatives from nine industries \u2013 public port authorities, marine terminal operators, shippers, liner operators, ocean transportation intermediaries, drayage trucking companies, chassis providers and port labor and railroads \u2013 to develop supply chain process improvements.<\/p>\n<p>The teams have identified critical information availability as the best way to increase supply chain visibility and integrate key elements of the supply chain. Greater availability of critical supply chain information will result in changes in behavior among supply chain actors and in turn, reduce cargo bottlenecks.<\/p>\n<p>It\u2019s been challenging work \u2013 accomplished with great commitment from, and cooperation among our Innovation Team members. I\u2019m proud to have had the opportunity work with such dedicated and accomplished business leaders.<\/p>\n<h3>Women\u2019s Leadership<\/h3>\n<p>I\u2019m often engaged as a mentor of young women and men through programs organized by several women\u2019s professional organizations to which I belong. You can\u2019t engage on a personal level with someone as a mentor without recalling and examining your own experiences.<\/p>\n<p>My big break, without a doubt, was given to me by the United States Coast Guard. Before I was a commissioned officer, I never thought of myself as having a future in maritime policy. (Actually, I wanted to be a novelist.) As a Coast Guard Lieutenant, I was given incredible opportunities, including acting as a White House Social Aide during the Reagan Administration.<\/p>\n<p>Because I successfully handled a controversial proposal for the Coast Guard, I was hired as a committee counsel in the House of Representatives, which led to my position on the Federal Maritime Commission.<\/p>\n<p>So, from actual experience, here are a few of my “rules for professional success” that I emphasize to my mentees:<\/p>\n<ul>\n<li>Try never to report to a supervisor who wasn\u2019t involved in hiring you;<\/li>\n<li>Don\u2019t worry too much about excessive criticism from a bad boss, but never let a good boss down; and<\/li>\n<li>Do excellent work\u2014no amount of networking will substitute for a good professional reputation.<\/li>\n<\/ul>\n<h3>Conclusion<\/h3>\n<p>Thank you again for the honor you\u2019ve given me tonight. Being here with friends and colleagues makes me realize how truly fortunate I am.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Remarks of Commissioner Rebecca Dye Recipient of Outstanding Woman of the Year Award Global Trade Awards Gala Women in International Trade, Los Angeles October 6, 2016 Thank you, Gloria Cordero, for that very kind introduction. And thanks as well to this great organization and the event sponsors for making tonight\u2019s... <a class=\"read-more\" href=\"\/remarks-of-commissioner-rebecca-dye-recipient-of-outstanding-woman-of-the-year-award\/\">Read More »<\/a><\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[9,6],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.fmc.gov\/wp-json\/wp\/v2\/posts\/691"}],"collection":[{"href":"https:\/\/www.fmc.gov\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fmc.gov\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fmc.gov\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fmc.gov\/wp-json\/wp\/v2\/comments?post=691"}],"version-history":[{"count":1,"href":"https:\/\/www.fmc.gov\/wp-json\/wp\/v2\/posts\/691\/revisions"}],"predecessor-version":[{"id":692,"href":"https:\/\/www.fmc.gov\/wp-json\/wp\/v2\/posts\/691\/revisions\/692"}],"wp:attachment":[{"href":"https:\/\/www.fmc.gov\/wp-json\/wp\/v2\/media?parent=691"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fmc.gov\/wp-json\/wp\/v2\/categories?post=691"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fmc.gov\/wp-json\/wp\/v2\/tags?post=691"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}