Marine Link
Saturday, October 22, 2016

Wikborg Rein : Shipbrokers Should Beware of Changes to Competition Law

February 4, 2004

Sweeping changes in competition law across Norway and the EU could have serious consequences for shipowners and shipbrokers alike, warns Oslo-based law firm Wikborg Rein. Developments in competition law mean both a stricter regime and harsher penalties, says Wikborg Rein partner Trond Eilertsen. Traditionally, the competition law regime has been viewed as an issue for owners. But under the new regime, brokers not only must avoid engaging in cartel practices themselves, but must also ensure they do not act as middlemen in cartel agreements between shipowners. "Since the broker plays a key role in regard to the various contracts of carriage between owners and cargo interests, ignorance of the potential liabilities can have serious consequences," warns Eilertsen. Further changes to the law mean that it will no longer be possible to ask Norwegian competition authorities for approval of individual agreements. As a result, a working knowledge of the restrictions imposed by competition law is increasingly important. "As the line between illegal co-operation and intelligent market behaviour is not always easy to discern, the advice of professionals should be sought to resolve any questions prior to entering agreements," Eilertsen says.

Maritime Reporter Magazine Cover Oct 2016 - Marine Design Annual

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News