FMC launches vessel capacity investigation

MUMBAI: Federal Maritime Commission (FMC) is reportedly starting an investigation of tight vessel capacity that ocean importers and exporters say is hindering their ability to compete in global markets. The Commission has named Commissioner Rebecca F Dye to lead the non-judicial fact-finding mission.

The announcement came as a House Transportation maritime subcommittee heard testimony from shippers and ocean carriers about the state of the industry, which has seen an increase in rates along with continuing complaints from US exporters - principally in the agriculture sector - that they are unable to get containers to get goods to overseas markets.

The FMC said it is conducting the fact-finding in response to President Obama's national export initiative, with a goal to double exports in five years and create 2 million jobs. An executive order on March 11, directs the use of "every available federal resource" in support of the initiative.