Shipping companies fined for antimonopoly violations

The Baosteel Emotion, an iron-ore carrier owned by Japanese shipping firm Mitsui O.S.K. Lines Ltd, is berthed at Majishan Port in Shengsi, Zhejiang province,on April 22, 2014.[Photo/IC]

The National Development and Reform Commission, China's top economic planner, on Monday levied a total of 407 million yuan ($62.8 million) fines on eight international shipping companies for monopolistic practices.

The eight companies include the Nippon Yusen Kaisha, K-Line Shipping, Mitsui O.S.K. Lines and Chilean shipping company CSAV.

These companies were fined 4 percent to 9 percent of their annual sales of its roll-on-roll-off shipping services related to the Chinese market.

Roll-on-roll-off service refers to using vessels designed to carry wheeled cargo such as automobiles, trucks, trailers and railroad cars that are driven on and off the ship on their own wheels or using a platform vehicle.

The price fixing activities among the companies have violated the antimonopoly law, raised costs of freight rates and hurt interests of end users, said the regulator.