FMC addresses index-linked contracts

Benchmarking

Friday, September 09, 2011

The U.S. Federal Maritime Commission on Thursday voted unanimously to initiate a rulemaking to give more leeway for ocean carriers and shippers to use service contracts with rates linked to freight rate indexes. To date, the FMC said it has received more than 50 service contracts that reference freight indexes. Under the commission's current rules, service contracts can only reference outside terms, such as a rate in a freight index, that are 'contained in a publicati...

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