The Federal Maritime Commission (FMC) has recovered $1,350,000 in civil penalties through two recent compromise agreements. The settlements follow investigations into potential violations of the Shipping Act and FMC regulations.
The FMC reached one agreement with Hyundai Glovis Co. Ltd., a VOCC based in Seoul. Investigators alleged the carrier provided services inconsistent with its published tariff and operated without publishing required rates and charges. These practices allegedly continued for more than a year and involved numerous shipments. Hyundai Glovis paid $1,300,000 to settle the allegations. The company did not admit wrongdoing.
The second agreement was reached with Olympiad Line LLC, an NVOCC. FMC staff alleged the company provided services that did not match the rates and rules in its tariff. Olympiad paid $50,000 to settle the matter, without admitting violations.
All collected penalties are deposited into the U.S. General Fund. The FMC does not retain any portion of the payments.
