Date
27 May 2017
South Korea’s Eukor Car Carriers has been slapped with the largest fine among the global shippers being penalized by China for alleged price-fixing. Photo: Bloomberg
South Korea’s Eukor Car Carriers has been slapped with the largest fine among the global shippers being penalized by China for alleged price-fixing. Photo: Bloomberg

China fines eight global shipping firms for price-fixing

Chinese regulators have fined eight international shipping companies a total of 407 million yuan (US$62.8 million) for alleged collusion in setting prices.

The fines came after officials found that Korean, Japanese and European firms that transport cars and other vehicles to and from China had coordinated their bids and routes in order to keep prices high. 

The companies fined include Japan’s Mitsui OSK Lines, Kawasaki Kisen Kaisha and Eastern Car Liner, South Korea’s Eukor Car Carriers, Norway’s Wallenius Wilhelmsen Logistics, and Chile’s Cia Sud Americana de Vapores, BBC reported.

According to a statement Monday from the National Development and Reform Commission (NDRC), executives from the firms met over a period of four years to share information and create deals to avoid competition on routes linking China with Europe, North America and Latin America.

The imposed fines are equivalent to 4-9 percent of the companies’ international shipping sales related to China, the NDRC said, following a year-long investigation.

Eukor Car Carriers was ordered to pay 284 million yuan, the largest single fine. 

Wallenius Wilhelmsen Logistics, based in Oslo, was fined 45 million yuan, the second-largest amount, according to the Wall Street Journal.

– Contact us at [email protected]

RA/RC

EJI Weekly Newsletter

Please click here to unsubscribe