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KFTC chairperson Joh Sung-wook. Credit KFTC
The Korea Fair Trade Commission (KFTC) has fined 23 liner operators a total of $81m for ’fixing’ freight rates on the South Korea to South-east Asia lane between 2003 and 2018.
Most of the major liner operators and a number of regional carriers were among those fined, including HMM, SM Line, Korea Marine Transport (KMTC Line), Pan Ocean, Sinokor, Maersk, Evergreen, Yang Ming, Wan Hai, SITC and Cosco.
KMTC received the heaviest penalty, $24.86m, while HMM, South Korea’s flagship carrier, must pay around ...
Comment on this article
Kevin Glegg
January 19, 2022 at 7:27 pmI see these fines relate to collusion going back 19 years.
Am curious to know how far back shipping lines can be held to accountable for collusion related transgressions.
Kind regards
Kevin