A five-year probe into the way that shipping companies announce price increases could be coming to an end as EU antitrust regulators plan to accept an offer from 15 of the world’s largest shipping lines, according to Reuters.
This would thereby lead to the carriers’ escape of possible penalties. Among the lines involved in the case include Maersk, Mediterranean Shipping Company and CMA CGM.
PTI previously reported that China had also fined seven international shipping lines a total of US$65 million for fixing prices.
It was reported that Japanese, Korean and European shipping companies kept prices high by coordinating routes and bids.
This was followed by news that Damco and Farrel Lines had been issued with a $3.7 million fine for having used false container weight invoices.
Container weighing is an extremely pertinent topic in the shipping industry as the new SOLAS amendment comes into force this Friday July 1, 2016.