US President Joe Biden signs Ocean Shipping Reform Act

17 Jun '22

1 min read

Pic: Shutterstock

American President Joe Biden has signed the Ocean Shipping Reform Act of 2022, which authorises appropriations for the Federal Maritime Commission (FMC) for fiscals 2022 through 2025; establishes additional requirements and prohibited conduct for ocean carriers; requires the FMC to issue rules related to certain fee assessments, prohibited practices, and establishment of a shipping registry.

The Act also authorises the FMC under certain circumstances to issue an emergency order requiring common carriers to share information directly with shippers and rail and motor carriers, the White House said in a press note.

The bill revises provisions related to ocean shipping policies and is designed to support the growth and development of US exports and promote reciprocal trade in the common carriage of goods by water in the foreign commerce of the United States. Among other provisions, the bill sets forth requirements for operating a shipping exchange involving ocean transportation in the foreign commerce of the United States.

The bill was approved 369-42 by the US House of Representatives earlier this week.

ALCHEMPro News Desk (KD)

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