Ocean Shipping Act - Amends the Shipping Act, 1916, to include "controlled carriers" within the coverage of such Act. Defines "controlled carrier" as a common carrier by water operating, offering, or proposing to offer regular liner service in the foreign commerce of the United States where such carrier is owned or controlled by the government under whose registry the vessels of the controlled carrier operate.
Requires such carriers to maintain rates or classifications of tariffs filed with the Federal Maritime Commission which are just and reasonable. Authorizes the Commission to disapprove such rates or classifications after notice and hearing upon a finding that they are unreasonable.
Requires that such rates or classifications be filed with the Commission at least 30 days before they may become effective. Authorizes the Commission to suspend such proposed rates or classifications pending a determination as to their lawfulness.
Authorizes the President to stay such an order of suspension or disapproval of rates or classifications for reasons of national security. Directs the Commission to transmit such orders to the President, who has ten days after receipt of such transmission or until the effective date of the order, to exercise such authority.
Exempts from the regulations contained in this Act controlled carriers of a state whose vessels are entitled to receive national or most-favored-nation treatment by treaty, controlled carriers of a state which has subscribed to the statement of shipping policy contained in note 1 to annex A of the Code of Liberalization of Current Invisible Operations, or to specified rate agreements or service agreements under the Shipping Act, 1916.
Stipulates that the regulations contained in this Act shall not apply to rates or classifications governing the transportation of cargo by a controlled carrier between the country which owns or controls the carrier and the United States or its territories or possessions.