Korea Fair Trade Commission (KFTC)

Seoul court rules that freight-fixing fine was wrongful to Evergreen

In a victory for container lines, the Seoul High Court on 1 February overturned a fine imposed by the Korea Fair Trade Commission (KFTC) on Evergreen Marine Corporation for freight-fixing.

The Taiwanese mainline operator was one of 23 box lines that KFTC fined a total of US$81 million in January 2022, for fixing South Korea-Southeast Asia freight rates.

KFTC began investigating in July 2018, after receiving complaints from timber importers that almost all liner operators simultaneously raised...

https://container-news.com/seoul-court-rules-that-freight-fixing-fine-was-wrongful-to-evergreen/

Liner operators downplay impact of South Korean fine

The liner operators which have been hit by a fine of nearly US$81 million by the Korea Fair Trade Commission have played down the financial impact and said that they are reviewing their next course of action.

In a disclosure to the Taiwan Stock Exchange, Yang Ming Marine Transport’s general manager, Du Shu-chin, said that the company has been handed a fine of around US$2 million.

Du said, “The company has appointed a lawyer to safeguard its rights and interests, and the penalty has no significant...

https://container-news.com/liner-operators-downplay-impact-of-south-korean-fine/

Korean antitrust body slaps $81m fine on price-fixing liner operators

The Korea Fair Trade Commission (KFTC) has fined 23 liner operators a total of $81m for ‘fixing’ freight rates on the South Korea to South-east Asia lane between 2003 and 2018.
Most of the major liner operators and a number of regional carriers were among those fined, including HMM, SM Line, Korea Marine Transport (KMTC Line), Pan Ocean, Sinokor, Maersk, Evergreen, Yang Ming, Wan Hai, SITC and Cosco.
KMTC received the heaviest penalty, …

The post Korean antitrust body slaps $81m fine on...

https://theloadstar.com/korean-antitrust-body-slaps-81m-fine-on-price-fixing-liner-operators/

Liner operators hit with US$81 million by South Korean antitrust body

After months of pressure and protests from the government and trade associations, Korea Fair Trade Commission (KFTC) said today (18 January) that it will impose a US$80.7 million fine on 23 liner operators for colluding to fix freight rates on the South Korea-Southeast Asia route over a 15-year period.

The trouble began in July 2018, when the antitrust body received complaints from timber importers, who became suspicious when almost all liner operators simultaneously raised freight charges for...

https://container-news.com/liner-operators-hit-with-us81-million-by-south-korean-antitrust-body/

Amended Fair Trade Act unlikely to reverse liner operators’ freight-fixing penalty

The South Korean government has taken steps to exempt the shipping industry from anti-trust regulations, after the Korea Fair Trade Commission (KFTC) levied an aggregate fine of almost US$672 million on 23 liner operators.

The financial penalty was imposed in June after an investigation showed the companies colluded between 2003 and 2018 to fix freight rates on the South Korea-South-east Asia route.

Although the Shipping Act allows such collusion, it was not explicitly permitted in the Fair Trade...

https://container-news.com/amended-fair-trade-act-unlikely-to-reverse-liner-operators-freight-fixing-penalty/

South Korean lawmakers want shipping removed from anti-trust jurisdiction

Amid ongoing action to rescind the massive fines imposed by the Korea Fair Trade Commission (KFTC) on South Korea’s liner operators, lawmakers plan to amend the country’s Monopoly Regulation and Fair Trade Act to exempt the shipping industry from its jurisdiction to prevent a recurrence.

KFTC has imposed a fine in excess of US$613 million on 23 liner operators, including a dozen South Korean companies that include HMM, SM Line, Pan Ocean and Sinokor Merchant Marine. The 11 foreign liner...

https://container-news.com/south-korean-lawmakers-want-shipping-removed-from-anti-trust-jurisdiction/

Price-fixing penalty: Korea Shipping Association warns of “second Hanjin”

Korea Shipping Association, which represents South Korean ship owners plying coastal and short-sea routes, has joined the Korea Shipowners’ Association (KSA) in protesting the hefty fines the Korea Fair Trade Commission (KFTC) imposed on 12 local liner operators for fixing rates on the South Korea-Southeast Asia route.

Also known as Haewoon, the association said that the fines will cause a heavy financial burden that could cause “a second Hanjin Shipping crisis”, alluding to the collapse of what...

https://container-news.com/price-fixing-penalty-korea-shipping-association-warns-of-second-hanjin/