News / South Korean shipowners hit out after 23 lines are fined for price-fixing

KSA vice-chairman Kim Young-moo (photo: Korea Shipowners’ Association

South Korea’s anti-trust authority has slapped penalties on 23 liner operators for colluding to fix freight rates.

But the move has angered the Korea Shipowners’ Association (KSA).

The Korea Fair Trade Commission (KFTC) said on Tuesday its investigations found that 23 liner operators and the Committee Of Shipowners For Asian Liner Service had come up with 122 freight-related agreements pertaining to the South Korea-South-east Asia route.

KFTC ruled the errant operators would have to pay a penalty of 8.5%-10% of their revenue from ...