After a year-long investigation, Chinese regulators have fined seven major international shipping companies a total of over R1 billion for fixing prices.
Korean, Japanese and European shipping companies that carry vehicles were found to have coordinated bids and routes in order to keep prices high.
The fines are equivalent to 4% to 9% of the firm's international shipping sales to and from China, the regulator said.
According to BBC News, the companies which have to pay a fine are 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 (CSAV).
Fined, but exempt from paying penalties because the firm cooperated with investigators, was Japan’s Nippon Yusen.
