Shipping giants face EU probe
London, November 23, 2013
EU regulators are to investigate whether 14 of the world's major container shipping companies, including the world's biggest, A P Moller-Maersk, have been orchestrating price rises since 2009 for routes to and from Europe in breach of EU competition rules.
The decision to launch an investigation, announced yesterday, followed raids at the companies in several EU countries more than two years ago. Firms found guilty of violating EU rules could be fined up to 10 per cent of their global turnover.
The European Commission's action comes as the industry continues to grapple with overcapacity in a faltering global economy, but the EC said it was concerned that the companies appeared to be alerting each other of their price increases via Press releases and on their websites.
It did not name the companies under investigation or say how many are involved.-Reuters