Fiscal year 2004 is characterized by a strong international liner market, resulting in a surge of cargo volumes. The Commission has continued to monitor the international liner trade, while responding to the industry and advancing several important initiatives. International liner trade has continued to expand as import and export cargo volumes reached record highs. The significant rise in cargo volumes has contributed to congestion at ports throughout the U.S. The Commission continues to monitor trade developments and gather information relating to potentially restrictive foreign trade practices. The Commission is in the process of responding to industry requests to modify regulations pertaining to tariff filing requirements. Numerous petitions, supplemented by a more recent Joint Proposal conveying a more unified approach, have been filed requesting an exemption from tariff filing requirements. The Commission also has continued the process of updating its rules relating to monitoring of ocean common carrier and marine terminal agreements. The revisions to the ocean common carrier and marine terminal agreement rules would provide the regulatory certainty, flexibility and confidentiality which parties to agreements under the Shipping Act need for efficient operation. Several initiatives have enhanced the Commissions ability to serve the ocean transportation industry. The Commission completed a realignment in order to create a more focused agency one which is best suited to foster and support an environment of fairness and efficiency in U.S. maritime commerce. The realignment sought to reallocate the Commissions existing resources to maximize the effectiveness of the staff and to facilitate efforts to better serve the ocean transportation industry. Further, the Commission has expanded its outreach efforts by initiating a series of industry briefings as a way of fostering greater awareness and understanding of the current issues and concerns affecting the industry. This Annual Report highlights areas of particular interest, and then provides an office-byoffice synopsis of each units activities and accomplishments during the past fiscal year.