Shipping Firms Poised to Settle EU Probe

By Aiswarya Lakshmi
Thursday, February 11, 2016
Photo: Mediterranean Shipping Company

 Fifteen container liner shipping companies "have offered to change their pricing practices to settle an EU antitrust probe and stave off possible fines," according to a report from Reuters Wednesday that cites two unnamed sources.

 
Container carriers have offered to publish binding actual rates a month before they go into effect, according to the report from.
 
The report said the European Commission would not confirm the development, but that it could change the practice of shipping companies announcing planned general rate increases.
 
World No. 1 container liner Maersk, MSC and 13 other peers have offered to publish actual prices rather than future rate increases to settle a two-year EU antitrust investigation.
 
The other companies are No. 3 player CMA CGM, Taiwan's Evergreen Marine, Germany's Hapag Lloyd, China Ocean Shipping (Group) Company (COSCO), China Shipping , Hamburg Sud, South Korean firm Hanjin, OOCL (Orient Overseas Container Line), Japan's Mitsui OSK Lines (MOL) , United Arab Shipping Company, Nippon Yusen Kaisha , Hyundai Merchant Marine and Israeli peer Zim, the people said.
 
The European Commission opened an investigation into the world's 18 largest shipping companies in November 2013 following dawn raids in May 2011.  
 
The lines are under investigation for their pricing policies, which the European Commission claims could have been illegally orchestrated by announcing rate hikes on their website – and through the specialised media. 
 
Earlier, a report in FT said that Brussels has launched a regulatory assault on container shipping companies, with a formal antitrust probe into concerns that prices moved in harmony because groups signalled planned changes through public statements.
 
The European Commission investigation centres on allegations of “concerted practices”, where companies’ prices are adjusted up or down at the same time without a formal agreement.
 
The launch of the probe comes more than two years after the commission raided at least four of the world’s biggest container shipping lines, indicating that one of the most serious regulatory inquiries ever launched into the industry is gathering momentum.
 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

NASSCO Lays Keel for Jones Act Tanker Liberty

U.S. shipbuilder General Dynamics NASSCO hosted a keel laying ceremony on Thursday, May 26 for the Liberty, one of three new ECO Class Jones Act tankers under a

DSC Dredge Receives President’s E-Star Award

DSC Dredge, LLC, based in Reserve, La., has received the 2016 President’s “E-Star” Award for exports.   In a ceremony held on May 16, 2016, at the U.S. Department

TT Club Reports Robust Financial Results for 2015

TT Club has announced its financial results for the year ended December 31, 2015, and AM Best affirms its A- (Excellent) rating for the 10th consecutive year.   Knud Pontoppidan,

Legal

Portugal PM Warns Lisbon Dock Workers to End Strike

Portugal's prime minister warned Lisbon dock workers on Friday that his patience was running out after a strike that has lasted a month, paralysing the city's ports.

Gender Identity Spat Sinks Spending Bill

The rancorous political debate over sexual identity unexpectedly prompted the Republican-controlled House of Representatives to rejected an energy and water spending

Hercules Offshore Filing for Bankruptcy Again

Hercules Offshore Inc said it planned to file for prepackaged Chapter 11 bankruptcy, just six months after the rig contractor emerged from bankruptcy protection.

News

GloMEEP Project Forges Ahead with Train-the-Trainer Workshop

A global Train-the-Trainer workshop on energy efficiency has been delivered in China (23-27 May), preparing the personnel needed to cascade knowledge on energy

Diana Charters Out Two Bulkers

Diana Shipping Inc. today announced that, through a separate wholly-owned subsidiary, it entered into a time charter contract with Bunge S.A., Geneva, for one of its Panamax dry bulk vessels,

Long Beach Port Maintains Strong Bond Rating

Fitch Ratings, one of the top three U.S. credit analysis agencies, has affirmed the Port of Long Beach’s “AA” rating on its outstanding debt. Fitch stated the AA rating — its highest for U.

Vessels

Hansa Offenburg, Hansa Drakenburg Sail Scale-free

Leonhardt & Blumberg was founded in 1903 and has managed more than 180 vessels, the majority of which were general cargo vessels and bulk carriers. Today the company

NASSCO Lays Keel for Jones Act Tanker Liberty

U.S. shipbuilder General Dynamics NASSCO hosted a keel laying ceremony on Thursday, May 26 for the Liberty, one of three new ECO Class Jones Act tankers under a

SAFE Boats Delivers First CIV for Air and Marine Operations

SAFE Boats International (SBI), a manufacturer of aluminum boats located in Bremerton, Wash., has completed the first Coastal Interceptor Vessel (CIV) on contract from U.

 
 
Maritime Contracts Naval Architecture Navigation Offshore Oil Pod Propulsion Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.1142 sec (9 req/sec)