Suspect applications cited by Commerce Minister Craig Foss.

Lack of oversight has created an "inadequate regulatory regime" which leaves international shipping "essentially unregulated".

The FMA will have the ability to probe deeper into the affairs of firms and block anyone who does not pass muster.

Parliament's commerce select committee supports Commerce Minister Craig Foss in taking another look at the drafting of legislation.

Government officials say a balance needs to be struck between an efficient fee structure and maintaining service performance.