THE us shipping regulatory authority has intensified its efforts to punish the industry, in alignment with Washington's targeting 'foreign-owned carriers' that offended American importers during the Covid scare, reports London's Financial Times.
Not allowing a crisis to go to waste, the Federal Maritime Commission (FMC), though smaller than other regulatory agencies, has been expanding its reach.
In the 12 months leading up to September, it imposed penalties and reached settlements amounting to US$3 million, a substantial increase from the $100 reported just three years earlier.
The FMC, responsible for investigating excessive charges and breaches of contracts by shipowners, successfully resolved 36 cases in the year up to September, nearly tripling the number from two years prior, as indicated by data shared with the Financial Times.
This stricter stance on imposing penalties is part of a global trend toward more stringent oversight of the shipping industry.
Historically, the international nature of the sector has made it challenging to regulate, but it has come under increased scrutiny in the wake of a disruptive period for global trade, further exacerbated by the Covid crisis.
'Activity has tremendously increased,' said FMC chairman Daniel Maffei.
Mr Maffei stated the regulator was previously criticised for not being 'potent', but 'that is clearly very different now'.
SeaNews Turkey
Not allowing a crisis to go to waste, the Federal Maritime Commission (FMC), though smaller than other regulatory agencies, has been expanding its reach.
In the 12 months leading up to September, it imposed penalties and reached settlements amounting to US$3 million, a substantial increase from the $100 reported just three years earlier.
The FMC, responsible for investigating excessive charges and breaches of contracts by shipowners, successfully resolved 36 cases in the year up to September, nearly tripling the number from two years prior, as indicated by data shared with the Financial Times.
This stricter stance on imposing penalties is part of a global trend toward more stringent oversight of the shipping industry.
Historically, the international nature of the sector has made it challenging to regulate, but it has come under increased scrutiny in the wake of a disruptive period for global trade, further exacerbated by the Covid crisis.
'Activity has tremendously increased,' said FMC chairman Daniel Maffei.
Mr Maffei stated the regulator was previously criticised for not being 'potent', but 'that is clearly very different now'.
SeaNews Turkey
