Carriers risk USD 210 million in fines for price fixing

Four RoRo carriers risk fines for illegal price arrangements as suspected by the Japanese Fair Trade Commission (JFTC).

Photo: K Line

Japan's largest shipping company Nippon Yusen (NYK) is one of four carriers that the Japanese Fair Trade Commission, JFTC, will likely fine in relation to illegal price fixing arrangements on car transports between Japan and Europe. Kawasaki Kisen Kaisha (K Line) is also involved, while Norwegian Wilhelmsen issued a brief to the stock exchange Thursday, stating that the carrier could face a USD 33 million fine.

The authorities will likely charge the fine, a total of USD 210 million, by late March, and until that time the carriers can submit their comments to the JFTC. The fine represents the second-largest ever related to price arrangements, sources tell Reuters. And this will likely not be the last bad news for the carriers, who are likely to face charges from Europe as well, says an analyst from Mitsubishi UFJ Morgan Stanley Securities Co. in Tokyo, according to Bloomberg.

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