High Shipping Costs Are Here to Stay, Says Bloomberg
By Henry Ren (Bloomberg) Stubbornly high shipping expenses for businesses are getting sealed into contracts for the next 12 months, forcing companies to pass the extra costs on to consumers....
OSLO, March 18 (Reuters) – Norwegian shipping firm Wallenius Wilhelmsen Logistics (WWL) has been fined $34 million by the Japanese Fair Trade Commission for price-fixing in automobile shipping between 2008 and 2012, the firm said on Tuesday.
The 3.496 billion yen fine, part of a final cease and desist order, is in line with a preliminary ruling in January.
WWL is 50 pct owned by Wilh. Wilhelmsen ASA.
“WWASA made an accrual of $16.5 million in the fourth quarter of 2013. The final order will therefore not have any effect on the accounts for the first quarter of 2014,” The firm said. (Reporting by Balazs Koranyi)
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