Rate Agreements Between Carriers in the Foreign Trade

The marvelous development in shipping, coupled with the immense increase in the number and size of steamers engaged in the carrying trade of the world, resulted in many cases during comparatively recent years in either very unsatisfactory returns upon the investment or heavy financial losses. This condition of affairs forced the steamship owners almost the whole world over to endeavor to form agreements or understandings in their particular trades. These agreements have for their purpose the regulation of the general conduct of the business and deal with sailings, bills of lading, ports of call, and freight rates. They are the result of an evolution based on long experience gained in the practical operation of vessels of each particular trade, and represent the best-known method of conducting the business. Experience has demonstrated them to represent the most useful and practical method for the economical operation of the trades in the best interests of shippers and shipowners alike

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