World News
Shipping Lines Come Under Antitrust Investigation
The European Commission (EC) says it has opened formal proceedings against "several" container shipping lines accused of breaking antitrust rules by colluding in raising rates.
The EC says that the companies' regular public announcements about the data and amount of price increases, made since 2009, "allow the companies to signal future price intentions to each other and may harm competition and customers by raising prices on the market."
The EC will investigate whether the announcements violate Article 101 of the Treaty on the Functioning of the European Union (TFEU) and Article 53 of the European Economic Area (EEA) Agreement, which ban concerted practices.
There is no set deadline for the end of the investigation, and the EC says its length will depend on a number of factors.
The EC did not name the companies under investigation, but AP Møller-Maersk (Maersk) has confirmed that its shipping line is among them, according to the Wall Street Journal.
Maersk said it has "no reason to believe that Maersk Line has behaved in a manner not in accordance with EU competition law."
Maersk, CMA CGM SA, and Hapag-Lloyd were all raided by European Union (EU) officials in 2011 over accusations of collusion, according to Bloomberg, which notes that the current investigation comes as EU regulators are looking into the antitrust implications of the P3 Alliance between Maersk, CMA CGM, and Mediterranean Shipping Co. (MSC).
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 625.00 | 9.00 | 732.00 | 15.00 |
| Rotterdam | 577.50 | 3.50 | 739.50 | 1.00 |
| Houston | 595.00 | 0.50 | 767.00 | 4.50 |
| Fujairah | 628.50 | 4.00 | 878.50 | 11.00 |
| Global 20 Ports Average | 645.50 | 0.50 | 827.00 | 5.00 |
| Global 4 Ports Average | 606.50 | 0.50 | 779.50 | 0.50 |
| Global Average Bunker Price | 703.50 | 4.00 | 886.00 | 6.00 |
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