A bill to amend the Shipping Act, 1916, as amended, to provide for the prompt and effective implementation of certain equal access, pooling, rationalization, apportionment and related reciprocal ocean transportation agreements entered into between carrier of the flags of the United States and of the nations with which we trade and to provide immunity for such agreements from the application of the antitrust laws.

Amends the Shipping Act, 1916, to authorize United States flag carriers to enter into reciprocal ocean transportation agreements with foreign flag carriers of the nation to which the United States carrier's cargo is bound to establish cargo pools, to provide for equal access to government controlled cargoes, rationalization of sailing's and for the apportionment of earnings, losses, or traffic. Exempts such agreements from the antitrust laws under specified circumstances.