GCTL8.com (FocusAsia Media Ltd)

WASHINGTON, Mar 9 (FAM) – The Federal Maritime Commission has decided to revise rules pertaining to service contracts and non-vessel operating common carrier service agreements as it seeks to streamline regulatory costs for ocean shipping businesses.

“The commission examined regulatory requirements for service contracts and NVOCC service arrangements in light of current commercial practice and has eliminated a number of burdensome regulatory requirements that served as obstacles to efficient ocean transportation arrangements, added unnecessary transactional costs, and served no regulatory purpose,” said FMC acting chairman Michael Khouri.