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The FMC regulations define "NVOCC" as a common carrier that does not operate the vessels by which the ocean transportation is provided, and is a shipper in its relationship with an ocean common carrier. [9] Licensing requirements. OTIs must be licensed by the FMC before they perform OTI services in the United States. [10]
An ocean transportation intermediary (OTI) is a company that is licensed by the Federal Maritime Commission (FMC) to operate in the United States as an ocean freight forwarder, non-vessel operating common carrier , or both. [1]
Licensing, financial responsibility requirements, and general duties for ocean transportation intermediaries 520 Carrier automated tariffs: 525 Marine terminal operator schedules 530 Service contracts 531 NVOCC Service arrangements 535 Ocean common carrier and marine terminal operator agreements subject to the Shipping Act of 1984: 540
A key difference between an NVOCC (frequently referred to as just an NVO) and a Freight Forwarder is their license. You have to have an FF license and/or an NVOCC license. Many companies have both. If a company says they are an NVO they will have an OTI # & Bond. An NVOCC is considered a carrier, they will issue their own shipping documents.
Louis Ernest Sola (born January 8, 1968) is an American businessman and politician, who is currently Commissioner of the Federal Maritime Commission. [1] Sola currently works under Chairman Daniel B. Maffei and alongside Commissioners Rebecca F. Dye, Max Vekich and Carl Bentzel.
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A freight rate (historically and in ship chartering simply freight [1]) is a price at which a certain cargo is delivered from one point to another. The price depends on the form of the cargo, the mode of transport (truck, ship, train, aircraft), the weight of the cargo, and the distance to the delivery destination.
The "passivity" agreement FDIC wants BlackRock to sign is designed to assure bank regulators that the giant money manager will remain a "passive" owner of an FDIC-supervised bank and won’t exert ...