Domestic Offshore Commerce Regulatory Reform Act of 1986

Domestic Offshore Commerce Regulatory Reform Act of 1986 - Amends the Intercoastal Shipping Act, 1933 to revise the definitions of certain terms used under such Act. Revises the authority of the Federal Maritime Commission (the Commission) to regulate the rates, fares, and charges of inland intercoastal common carriers.

Prohibits the Commission from suspending the operation of any more than ten percent (currently five percent) of any increase or decrease in rates charged by inland intercoastal common carriers. Authorizes the Commission to increase the annual percentage exemption under certain specified conditions.

Amends the Shipping Act, 1916 to make revisions to the definition of similar terms under such Act.

Makes unlawful the use of a vessel for common carriage that on the same voyage is engaged in contract carriage.

Requires every carrier offering port-to-port transportation by water to file with the Commission its rates, fees, and charges in connection with such transportation. Requires every carrier offering through transportation to make the same filing. Revises the authority of the Commission to regulate the rates, fares, and charges of inland intercoastal common carriers.

Exempts any interstate water transportation rates, fares, or charges contained in a rail or motor service contract entered into and approved before March 15, 1986, from the requirements of either the Intercoastal Shipping Act, 1933 or the Shipping Act, 1916 until the expiration of the current term of that contract.