World News
GTT to Appeal Korea Competition Ruling
GTT says it will appeal a decision by the Korea Fair Trade Commission (KFTC) to fine it approximately €9.5 million following an investigation regarding GTT's commercial practices with the Korean shipyards in relation to the construction of LNG carriers.
By including technical assistance services with its technology license, KFTC says GTT commercial practices have not complied with Korean competition regulations since 2016.
KFTC says Korean shipyards, if they wish to do so, should be able to perform all or part of those technical assistance services.
Commenting in a press statement on the matter, Philippe Berterottière, Chairman and CEO of GTT, said his firm was "convinced" that their commercial practices comply with the Korean competition rules.
"GTT wishes to emphasize that the licence of the technology and the technical assistance constitute an inseparable offering, which guarantees the integrity of its technologies, and that any separation could be detrimental to the entire LNG carrier industry," the company said.
"The company challenges the rationale of this decision and, upon receipt of the KFTC's written decision, intends to appeal against it."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 649.00 | 0.50 | 775.00 | 3.50 |
| Rotterdam | 603.50 | 1.50 | 759.50 | 11.50 |
| Houston | 626.50 | 2.50 | 794.00 | 2.00 |
| Fujairah | 649.00 | 0.50 | 904.50 | 6.50 |
| Global 20 Ports Average | 664.00 | 2.00 | 855.00 | 0.00 |
| Global 4 Ports Average | 632.00 | 1.00 | 808.00 | 4.00 |
| Global Average Bunker Price | 716.50 | 1.00 | 901.00 | 12.50 |
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