Briefings
Changes on the horizon as the US Ocean Shipping Reform Act becomes law
President Biden recently signed into law the Ocean Shipping Reform Act of 2022 ("OSRA" or the "Act"), a package of U.S. shipping law reforms that addresses supply chain disruptions, rising ocean shipping costs, and issues related to vessel service.
The legislation grants the Federal Maritime Commission ("FMC") increased authority to address the operating practices of global ocean shipping lines operating in US ports. The FMC is an independent agency of the U.S. government that overseas, among other things, competition among common carriers in US trade for the international ocean shipping supply chain.
