India’s Oil Demand Drives CMB Tech Fleet Diversification
By Dimitri Rhodes Nov 7 (Reuters) – Belgian oil tanker company CMB Tech says it will focus on the fast growing market in India as it reported third quarter results...
File photo
The Competition Commission said it had recommended a fine equivalent to 10 percent of Kawasaki Kisen Kaisha Ltd’s (K-Line) local turnover.
A K-Line representative in South Africa declined to comment on the case or to estimate the value of the fine.
The Commission said K-Line rigged bids with rivals between 2002 and 2013 to fix prices and divide the market for shipping from South Africa.
The Commission said K-Line was working with Mitsui O.S.K Lines Ltd, Nippon Yusen Kabushiki Kaisha Ltd and Wallenius Wilhelmsen Logistics AS.
Nippon and Walleneus, a Norwegian company, admitted to colluding. Nippon paid 103 million rand and Walleneus paid 95.6 million rand in penalties, the Commission said.
Mitsui was not fined because it was first to approach the Commission with information, the watchdog said.
“South Africa is a strategic hub for the trade of goods in and out of the Southern African region,” the Commission’s head Tembinkosi Bonakele said in a statement.
“Cartels of this nature increase the costs of trading … and render the region uncompetitive in the world market.”
The Commission has passed its findings to the Competition Tribunal, which holds hearings on antitrust cases before giving a final ruling. (Reporting by Tiisetso Motsoeneng; editing by Jason Neely/Ruth Pitchford)
(c) Copyright Thomson Reuters 2017.
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 109,009 members that receive our newsletter.
Have a news tip? Let us know.
Maritime and offshore news trusted by our 109,009 members delivered daily straight to your inbox.
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up