FMC rule giving contract filing relief to carriers takes effect

Chamber of Shipping > Blog > News > FMC rule giving contract filing relief to carriers takes effect

Container lines will no longer be required to file ‘essential terms’ of contracts with cargo owners with the Federal Maritime Commission (FMC) under a rule formally adopted by the regulatory body, providing an exemption to the Shipping Act of 1984. The ruling took place following a World Shipping Council’s (WSC) petition finding that not publishing contractual details — such as port pairs, volume commitments, and the type of cargo — would not harm market competition. The new rule will be effective upon publication in the Federal Register. The FMC estimated that removing the essential-terms publication requirement would eliminate 41,048 man hours to process the data, generating nearly $2 million in savings per year.

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