FMC Expecting New Shipping Exchanges Rule Soon
The Federal Maritime Commission is hoping to release a rule this fall that would create a registry for national shipping exchanges, FMC Chair Daniel Maffei said during a May 29 event hosted by the Consumer Technology Association. The Ocean Shipping Reform Act of 2022 gave the FMC until June 2025 to craft the rule, and lawmakers have called on the FMC to provide a counterbalance to China's Shanghai Shipping Exchange, which they said is poised to become a monopoly without more competition (see 2402020060).
Sign up for a free preview to unlock the rest of this article
Timely, relevant coverage of court proceedings and agency rulings involving tariffs, classification, valuation, origin and antidumping and countervailing duties. Each day, Trade Law Daily subscribers receive a daily headline email, in-depth PDF edition and access to all relevant documents via our trade law source document library and website.
Maffei also touched on other shipping issues during the event and urged companies not to always default to the cheaper shipping option, but to instead vet counterparties to find the best choice. He said to make sure to "give some thought" to your supply chain, adding that the COVID-19 pandemic wasn't "the last big shock to ocean shipping."
Maffei also said he isn't expecting the FMC to operate differently if the upcoming U.S. presidential election results in a new president next year. The five commissioners have worked "so closely together" that Maffei doesn't expect anything to change.