China fines 8 liners for price collusion

Tokyo

CHINA fined eight shipping lines 407 million yuan (S$88 million) in total after finding them responsible for price collusion in the transportation of vehicles and heavy machinery.

Japan's Nippon Yusen KK, Mitsui OSK lines, Kawasaki Kisen Kaisha and Eastern Car Liner Ltd; Korea's Eukor Car Carriers Inc; Norway's Wallenius Wilhelmsen Logistics AS; Chile's Cia Sud Americana de Vapores SA and its shipping line were the eight indicted after a year-long investigation, the National Development and Reform Commission said in a statement on its website Monday. The companies acknowledge wrongdoing, the top Chinese economic planning agency said.