The European Commission (EC) on Wednesday fined four maritime car carriers a total of EUR 395 million for taking part in cartels, in breach of EU antitrust rules.
It is found the Chilean maritime carrier CSAV, the Japanese carriers "K" Line, MOL and NYK, and the Norwegian/Swedish carrier WWL-EUKOR participated in a cartel concerning the intercontinental maritime transport of vehicles.
According to the EC, the five carriers formed a cartel in the market for deep sea transport of vehicles on various routes between Europe and other continents for almost six years, from October 2006 to September 2012.
Investigation revealed that, to coordinate anticompetitive behaviour, the carriers' sales managers met at each other's offices, in bars, restaurants or other social gatherings and were in contact over the phone on a regular basis.
In particular, they coordinated prices, allocated customers and exchanged commercially sensitive information about elements of the price, such as charges and surcharges added to prices to offset currency or oil prices fluctuations.
The Commission's investigation started with an immunity application submitted by MOL.
"The Commission has sanctioned several companies for colluding in the maritime transport of cars and the supply of car parts,” said Commissioner Margrethe Vestager.
“The three separate decisions taken today show that we will not tolerate anticompetitive behaviour affecting European consumers and industries.
“By raising component prices or transport costs for cars, the cartels ultimately hurt European consumers and adversely impacted the competitiveness of the European automotive sector, which employs around 12 million people in the EU.”
The breakdown of the fines imposed on each company is as follows:
|Company||Reduction under Leniency Notice||Reduction under Settlement Notice||Fine (EUR)|
Publication date: 22 February, 2018
Firm hopes to leverage partnership in Greece as a springboard to expand into neighbouring and overseas markets including Europe and China, says Robin Van Elderen, Regional Head Bunkers, Europe, Sing Fuels.
Singapore can help less developed countries in SouthEast Asia through ‘piloting and scaling fuels and technology as well as a leading hub for green finance’, said DNV Group President and CEO Remi Eriksen.
Octamar™ Ultra HF, Octamar™ Complete, and Octamar™ F35C were found to have improved the fuel economy while reducing exhaust gas and other emissions of marine engines in a series of trials, states report.
Disposal of evidence has resulted in Singapore not being able to provide full details to the United Nationals Panel of Experts which sought information regarding the case, says Ministry of Foreign Affairs.
‘We are proud to be amongst the first to show the successful steps taken by Singapore’s bunkering ecosystem to remain forward thinking and relevant,’ Choong Sheen Mao, Director of EMF, tells Manifold Times.
‘With the launch of a common data infrastructure, Kenoil aims to continue achieving an end to end visibility and transparency on the bunker data supply chain,’ states Kenoil Managing Director.