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.
 

People & Company News

STX to Slash Jobs, Sell Yard

To stat above water by restructuring, South Korean Shipbuilder STX Offshore & Shipbuilding Co. plans to lay off about a third of its workforce and sell a yard in France, says a report in WSJ.

Kongsberg Performs Well in Q2

Norwegian defence and marine technology company Kongsberg Gruppen's second quarter 2016 (Q2) financial results shows sales performance broadly in line with recent trends,

Rickmers Holding, E.R. Capital Drop Merger Plan

Rickmers Holding AG and E.R. Capital Holding have jointly decided not to pursue the merger of their ship management activities.   For many years the companies

Legal

SOS from Hanjin Shipping

The creditors' extended help is crucial for survival of Hanjin Shipping Co as its negotiations with owners of chartered ships over a cut in leasing rates and to

Hapag-Lloyd Shareholders Okays Merger with UASC

Hamburg-based ocean carrier Hapag-Lloyd said its shareholders approved all items on the agenda at Annual General Meeting, mainly the  share capital increase needed

Yangzijiang Shipbuilding to Slash 2,000 More Jobs

Chinese shipbuilder Yangzijiang Shipbuilding Holdings Ltd said it plans to cut 2,000 additional jobs, just under 10 percent of its current workforce, stepping up

News

NASA May Send Submarine to Titan

NASA has unveiled plans to send a submarine into the depths of the largest ocean of Saturn's biggest moon, Titan in a bid to explore the depths of its largest ocean.

Michelle Obama Sponsors Attack Submarine

General Dynamics Electric Boat has delivered to the U.S. Navy an attack submarine that is sponsored by first lady Michelle Obama and will be named for her home state, reports AP.

MV WERFTEN, Foreship Sign Design Agreements

MV WERFTEN signed a letter of intent with the engineering company Foreship in Stralsund today. The agreement includes parts of the basic design as well as design,

Vessels

C-Job Designs Flettner Freighter for Switijnk

The Dutch shipping company family Switijnk has contracted C-Job Naval Architects to develop a Rotor Sail-equipped design to meet their specific loading and sailing profile.

Damen Trading Sale hits 500th Vessel

30 years and 500 vessels later, Damen Trading is just getting started. Damen Trading’s story begins in 1986, with Damen Shipyards Group responding to growing market demand for used vessels.

Matson Orders Two ConRo Ships from NASSCO

Matson Navigation Company, Inc., a subsidiary of container shipper Matson, Inc., has signed a contract with U.S. shipbuilder General Dynamics NASSCO to build two

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction
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: 0.1248 sec (8 req/sec)