Role of FMC Filing in Logistics Business

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Role of FMC FILING IN LOGISTICS BUSINESS

• By Info-X Software Technology

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Logistics and the future of the business

• Now, in this modern day and age, where most
  things even of daily use are imported or exported
  to and from a country, shipping or the logistics
  business is quite a front runner amongst
  businesses.
• This business will only flourish further with
  shipping becoming the backbone of just about any
  business.

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The need for Regulation

• Now, when we talk about shipping and the
  logistical prospects around it, it is necessary
  to understand that some form of regulation is
  required.
• This regulation is required in order to ensure
  that not only are fair trade practices observed
  but ensure financial responsibility of carriers,
  oversee and control maritime laws of the US and
  other foreign governments.

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What is this regulation?

• Most of us who are involved in the business of
  shipping already know what the Federal Maritime
  Commission does. Their mandate extends to all
  shipping and ocean transportation intermediaries
  in the US.
• Licensing, ensuring fair trade, regulating
  financial responsibility, handling regulations
  and licenses and foreign waters etc. lies under
  their jurisdiction.

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The history of FMC

• The FMC was established as an independent
  regulatory agency in 1961. Earlier, the United
  States Federal Maritime Board was responsible for
  the regulation of ocean commerce. Under the
  reorganization plan, the shipping laws of the
  U.S. were separated into two categories,
  regulatory and promotional.
• The FMC thus created was charged with the
  administration of the regulatory provisions of
  the shipping laws, while the promotional role was
  vested in the Maritime Administration 

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FMC- Financial Regulations

• They regulate the activities of the internal
  shipping lines including terminal operators,
  ocean transport intermediaries
• Oversees financial responsibility of operators to
  ensure they have the resources to pay workmens
  compensation
• Ensures operators maintain proper paperwork and
  evidence of finances including FMC rate filing.

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How can operators and intermediaries maintain
their filings?

• Well, both shipping operators and intermediaries
  may find it complicated to maintain their
  paperwork manually.
• This is why it is important that they adapt
  software for FMC rate filing etc. which can be
  custom made by reputed companies such as Info-X
  Software Technology.

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Thank you!