Price-Fixing Chilean Shipping Firm Fined US$8.9-Million

MarineLink.com
Thursday, February 27, 2014

Reuters –  Chilean shipping firm Compania Sudamericana de Vapores has agreed to plead guilty to a price-fixing conspiracy and pay an $8.9 million criminal fine to the U.S. government, the U.S. Justice Department informs.

The Justice Department's anti-trust prosecutors said in a statement that the company had conspired to rig bids to push up prices of shipping cargo such as cars and trucks to and from the United States.

"Today's charges are the first to be filed in the Antitrust Division's investigation into bid rigging and price fixing of ocean shipping services," said Bill Baer, assistant attorney general in charge of the Department of Justice's Antitrust Division.

Vapores, majority-owned by the billionaire Luksic family, Chile's richest, has been seeking to battle steep losses caused by low freight rates, high fuel prices and expensive leases.

It recently announced a business tie-up with Germany's Hapag-Lloyd that would create the world's fourth largest container-shipping company.

In a statement to the Chilean regulator, the company said the board had instructed the administration provide "maximum collaboration" in the investigation. Vapores added that the fine won't affect its results.

The company agreed to plead guilty to one felony count filed in the U.S. District Court for Maryland, the Justice Department said.

Shares in Vapores closed 1.16 percent lower on Thursday, underperforming the broader blue-chip Santiago index, which inched up 0.37 percent.

Source: Reuters
 

Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

The Maritime Person of the Year

The Massachusetts Maritime Academy’s annual salute to ‘the person of the year’ this year spotlights McAllister Towing and Transportation Co. and its leadership team.

Oil Steadies as Equities Rally

Recovering stock markets boost oil prices; U.S. crude on track for first weekly gain in nine weeks. Oil prices steadied on Friday after bouncing back from six-and-a-half-year

Wärtsilä Scrubbers for Finnlines Vessels

Finnlines, a Ro-Ro and passenger vessel operator with services in the North and Baltic Seas, has contracted Wärtsilä to supply three vessels with exhaust cleaning scrubber systems.

Legal

Migrant Boat Sinks off Libya; 200 Feared Dead

A boat packed with mainly African migrants bound for Italy sank off the Libyan coast on Thursday and officials said up to 200 might have died. A security official in the western town of Zuwara,

Wärtsilä Scrubbers for Finnlines Vessels

Finnlines, a Ro-Ro and passenger vessel operator with services in the North and Baltic Seas, has contracted Wärtsilä to supply three vessels with exhaust cleaning scrubber systems.

North Korean Black-listed Ships in Russia

North Korean vessels owned by Ocean Maritime Management (OMM) have been seen using Russian ports, says the NK News vessel tracker.   OMM was sanctioned for its

Finance

Oil Steadies as Equities Rally

Recovering stock markets boost oil prices; U.S. crude on track for first weekly gain in nine weeks. Oil prices steadied on Friday after bouncing back from six-and-a-half-year

Wärtsilä Scrubbers for Finnlines Vessels

Finnlines, a Ro-Ro and passenger vessel operator with services in the North and Baltic Seas, has contracted Wärtsilä to supply three vessels with exhaust cleaning scrubber systems.

Bollore Bags Contract for Kribi Container Port

France's Bollore-led consortium has been awarded the contract to develop and operate a container terminal in Cameroon's deep-water port of Kribi, says a report in Reuters.

Logistics

Migrant Boat Sinks off Libya; 200 Feared Dead

A boat packed with mainly African migrants bound for Italy sank off the Libyan coast on Thursday and officials said up to 200 might have died. A security official in the western town of Zuwara,

Oil Steadies as Equities Rally

Recovering stock markets boost oil prices; U.S. crude on track for first weekly gain in nine weeks. Oil prices steadied on Friday after bouncing back from six-and-a-half-year

Dutch Green Ports to be Model for Turkey

Netherlands will be a model for Turkey’s ports within an environmentally-friendly Green Port implementation, says Daily News.   Port of Amsterdam and Dutch officials

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 1.8136 sec (1 req/sec)