7 Global Shipping Firms Fined Millions

Twitter
Facebook
LinkedIn
Email

After a year-long investigation by Chinese regulators, seven international shipping companies have been fined US$65 million for fixing prices in a bid to avoid competition on shipping routes between China, Europe and the Americas.

According to the BBC, prices were kept high by Japanese, Korean and European shipping companies by coordinating routes and bids.

Firms have been fined 4-9% of their international shipping sales to and from China.

The National Development and Reform Commission (NDRC) said: “We will do everything possible to avoid similar situations going forward.”

The NDRC said that over the course of four years, executives met for the purpose of creating deals to avoid competition and to share information.

The companies fined include Japan's Mitsui OSK Lines and Kawasaki Kisen Kaisha.

It was previously reported that a Japanese shipping official had been given a 15-year sentence and a US$20,000 fine for f#ixing prices on US car and truck shipments.

Daily Email Newsletter

Sign up to our daily email newsletter to receive the latest news from Port Technology International.
FREE

Supplier Directory

Find out how to get listed

Webinar Series

Find out how to attend

Latest Stories

Registration is now open for the FREE AI – PRIORI DataPX1 Webinar on Thursday 6th October at 14:00 (BST).

– Create Custom views of what is important to you across Business Roles

– Empower everyone to be data driven

– Amplify the value of data across your enterprise

Cookie Policy. This website uses cookies to ensure you get the best experience on our website.