What is FMC regulations?

What is FMC regulations?

Definitions. The FMC regulations regulate the activities of Ocean Transport Intermediaries (OTIs) in the US. The FMC regulations define OTI to include two classes of logistics service providers: (1) ocean freight forwarders and (2) non-vessel operating common carriers (NVOCCs).

What is FMC in freight forwarding?

The Federal Maritime Commission (FMC) is an independent U.S. agency responsible for regulating foreign and inter-coastal ocean commerce shipping via U.S. ports. The FMC regulates both VOCCs (Vessel Operating Common Carriers) and NVOCCs (Non-vessel Operating Common Carriers).

What is FMC OTI?

Ocean Transportation Intermediaries (OTIs) are either Ocean Freight Forwarders or Non-Vessel-Operating Common Carriers and are regulated by the FMC pursuant to the Shipping Act of 1984.

What is the purpose of the FMC?

The Federal Maritime Commission (FMC) is the independent federal agency responsible for regulating the U.S. international ocean transportation system for the benefit of U.S. exporters, importers, and the U.S. consumer.

Why do we need FMC?

It provides security for all movement of goods across the board. Starting from coordinating, monitoring, and ensuring the transportation according to the right standards. Currently, it is very important to work with FMC licensed companies. Its knowledge and experience in export-import matters are undeniable.

What is the difference between NVOCC and OTI?

NVOCC and Freight Forwarders are considered OTI. Freight Forwarder provides expert advice and consultancy services. NVOCC provides carrier service under their bill of lading.

Who files FMC?

Who files an FMC tariff? Anyone operating seaborne and associated services to/from the USA must file a tariff.

What is the purpose of FMC filing?

Maintaining and reviewing confidentially filed service contracts to guard against detrimental effects to shipping. Providing a forum for exporters, importers, and other members of the shipping public to obtain relief from ocean shipping practices or disputes that impede the flow of commerce.

What is HBL and MBL?

A House Bill of Lading (HBL) is issued by an NVOCC operator, or a Freight Forwarder to their customers.. A Master Bill of Lading (MBL) is issued by the Shipping Line (Carrier) to the NVOCC Operator, or Freight Forwarder..

What is difference between HBL and BL?

Bill of lading (BL) is a document, which is a proof of receipt of goods from shipper issued by sea carrier. If a freight forwarder, NVOCC or a consolidator involved in a shipment, such forwarder issues a document of receipt of goods to the final shipper which is called House bill of lading (HBL).

What is the difference between FCR and bill of lading?

An FCR looks similar to, and is normally used in conjunction with, a bill of lading, although its function is purely as a receipt for cargo. It cannot replace a bill of lading and does not evidence a contract of carriage.