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China fines two Chilean shipping lines due to price-fixing charges

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Among the 8 foreign shipping companies involved, China penalized two Chilean firms : the CSAV , currently controlled by the Luksic group and the CCNI. The companies would have raised its prices during 4 years, improperly coordinated.

The Chinese National Development and Reform Commission (NDRC) fines the shipping lines for a total of US$62.82 million on price-fixing charges, after a year of investigation; trying to finish with anti competitive behaviors. The fines means among 4% to 9% of the profits of those companies in China during 2014.

The commission have been able to prove that the shipping companies increased the costs of cargo of cars, trucks and construction equipment on five routes of transportation for at least 4 years.

The 8 firms that were found to have colluded are: Chilean’s CSAV (Compañía Sudamericana de Vapores), the Compañía Chilena de Navegación Interoceánica, the Japan’s Nippon Yusen, Mitsui OSK Lines, Kawasaki Kisen Kaisha and Eastern Car Liner, South Korea’s EUKOR and Norwegian’s Wallenius Wilhelmsen.

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