News / South Korea amends Shipping Act, but too late to avert heavy fines on carriers

The National Assembly Building of the Republic of Korea Credit: ClumsyForeigner

South Korea has amended its Shipping Act to protect its shipping industry from falling foul of anti-trust laws, but the move may have come too late to help 23 liner operators avert massive fines of nearly $672m.

In June, the Korea Fair Trade Commission (KFTC) imposed fines on 12 local liner operators, including HMM, SM Merchant Marine (also known as SM Line), Pan Ocean and Sinokor Merchant Marine, as well as 11 foreign liner operators, including Maersk Line, Cosco Shipping Lines ...