CONTRACTS, AGREEMENTS, AND LICENSES UNDER PRIORSHIPPING LEGISLATION.

SEC. 117. CONTRACTS, AGREEMENTS, AND LICENSES UNDER PRIORSHIPPING LEGISLATION. Section 20 of the Shipping Act of 1984 (46 U.S.C. App. 1719) is amended by— (1) striking subsection (d) and inserting the following: “(d) Effects on Certain Agreements and Contracts.—All agreements, contracts, modifications, licenses, and exemptions previously issued, approved, or effective under the Shipping Act, 1916, or the Shipping Act of 1984, shall continue in force and effect as if issued or effective under this Act, as amended by the Ocean Shipping Reform Act of 1998, and all new agreements, contracts, and modifications to existing, pending, or new contracts or agreements shall be considered under this Act, as amended by the Ocean Shipping Reform Act of 1998.”; (2) inserting the following at the end of subsection (e): “(3) The Ocean Shipping Reform Act of 1998 shall not affect any suit— “(A) filed before the effective date of that Act; or “(B) with respect to claims arising out of conduct engaged in before the effective date of that Act filed within 1 year after the effective date of that Act. “(4) Regulations issued by the Federal Maritime Commission shall remain in force and effect where not inconsistent with this Act, as amended by the Ocean Shipping Reform Act of 1998”.