A bill to amend the Intercoastal Shipping Act, 1933, for the purpose of assuring adequate, modern, and efficient transportation by water between the noncontiguous States, territories, and possessions of the United States, and the U.S. mainland.

Amends the Intercoastal Shipping Act to authorize the Federal Maritime Commission to develop and promulgate a rate of return for common carriers by water operating self-propelled vessels, with development of the initial rate of return to be preceded by notice and an opportunity for a hearing. Provides that such rates of return shall include consideration of the cost of replacing vessels and related equipment; the degree of risk associated with the investment; and the need in the public interest for the continued provision by carriers of unprofitable segments of service.

Provides that when a carrier files a change in rates and charges there shall be no suspension of the effective date of that portion of such changed rates and charges which will provide the carrier with an opportunity to realize during the succeeding 12 months an increase in gross revenues not exceeding that sufficient to raise the carrier's rate of return to the prima facie rate of return.