South Africa Said:
6 container shipping collude to inflate rates Asia- South Africa
Six of the world's biggest container shipping companies were raided by South African authorities on Wednesday on suspicion of colluding to inflate rates between Asia and South Africa, the country's Competition Commission said.
According to MANA,The development comes as global container lines struggle in the worst-ever market conditions, caused by a glut of ships and slowing global trade, which has battered earnings and forced at least one out of business. The six companies raided comprise local subsidiaries of Denmark's Maersk, Swiss-headquartered Mediterranean Shipping Company (MSC), France's CMA CGM Shipping [CMACG.UL], Germany's Hamburg Sud, Singapore-based Pacific International Line and Maersk unit Safmarine, the commission said in a statement.
Maersk, MSC and Hamburg Sud confirmed the raids and said they were cooperating with the authorities. The other companies did not respond to requests for comment.
In July, EU antitrust regulators accepted an offer from Maersk and 13 competitors to change their pricing practices in order to stave off possible fines.