HYUNDAI, MED SHIPPING SETTLE DISPUTE WITH FMC

   Hyundai Merchant Marine Co. and Mediterranean Shipping Co. have reached an agreement with the U.S. Federal Maritime Commission to settle a long-standing dispute over whether the carriers were operating in the U.S.-Europe trade without having filed a space charter agreement.
   In a settlement worked out with the commission’s Bureau of Enforcement, the carriers have agreed to collectively pay $100,000 in fines and to file a new, restated agreement with the commission.
   The Bureau of Enforcement has urged the FMC to approve the settlement and to discontinue the case, which has been before the agency since 1997.
   Under the agreement, MSC will make available to Hyundai six containerships in both the U.S. North Atlantic to Europe trade and in the U.S. South Atlantic/Gulf to Europe trade.
   On the North Atlantic service, Huyndai will charter the spaces of 230 TEUs from MSC per sailing in each direction. On MSC’s South Atlantic service, Hyundai will charter the space of 80 TEUs from MSC per sailing in each direction.