FMC Grants Chinese Petitions

The Federal Maritime Commission (FMC) issued a Press Release stating that it granted the petitions of three Chinese controlled carriers for relief from the 30-day waiting requirement for reduction of tariff rates. The FMC also issued a Final Rule amending its regulations governing financial responsibility to permit licensed NVOCCs, at their option, to file proof of additional financial responsibility as an alternative to meet a Chinese requirement to demonstrate financial responsibility for NVOCCs operating in China. The Final Rule will be effective upon its publication in the Federal Register. Finally, the FMC is soliciting comments from those involved in maritime trade with China regarding shipping restrictions, requirements, and practices, particularly in light of the recent bilateral Maritime Agreement between the two nations. Comments should be submitted by June 1. (HK Law).