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All data are published promptly as they become available from the source, ensuring that our insights remain current and reflective of on-ground market dynamics. We actively seek and incorporate regular feedback from industry experts, which allows us to make real-time adjustments and continuously improve the accuracy and reliability of our data. - Ethical Data Usage and Third-Party Material:
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FMC imposes $3 million fines for ocean carriers for violations
Posted on October 30, 2023 |
The FMC, responsible for investigating unjust charges by ocean carriers, resolved 36 cases in the past year, which is nearly three times the number from two years ago.
Penalties and settlements during this period amounted to almost $3 million, a substantial increase from just $100 three years ago.
The majority of the $2.89 million in penalties stemmed from two significant fines, totaling $2.65 million.
These fines were paid by global container carriers Ocean Network Express (ONE) and Wan Hai to settle allegations of unfair charges, such as fees for returning empty containers.
The Ocean Shipping Reform Act requires carriers to substantiate the accuracy of late fees, detention, and demurrage charges and provide proper details on a shipper's invoice to justify these charges.
This law was enacted in response to complaints from shippers during the COVID-19 pandemic, who argued that carriers were imposing high detention and demurrage fees.