NYK and Mitsui OSK Lines will pay $72 million to settle UK price fixing claims, following a trial over cartel behavior from 2006 to 2015.
Japanese vehicle carriers NYK and Mitsui OSK Lines have agreed to pay $72 million to settle claims of price fixing related to shipments to Britain, according to reports from London's S&P Global.
The settlement, which is expected to receive approval from Britain's Competition Appeal Tribunal in January, follows a nine-week trial held earlier this year. The case was initiated by attorney Mark McLaren on behalf of businesses and consumers, alleging cartel behavior between 2006 and 2015.
Other carriers have already settled similar claims: 'K' Line and Wallenius Wilhelmsen, along with their affiliate EUKOR, paid $50 million in 2024, while CSAV settled for $2 million in 2023. In total, the five carriers faced claims amounting to $201 million over shipments of 17 million vehicles from brands such as BMW, Ford, Mercedes-Benz, Nissan, Toyota, and Volkswagen.
Mr. McLaren stated that the settlement addresses anti-competitive actions and aims to compensate class members for their financial losses. Neither NYK nor MOL provided comments on the settlement. This case adds to a series of global investigations into price collusion, with fines previously imposed in the United States, Australia, and Mexico.
The settlement arrives at a time when global light vehicle sales are projected to reach 90 million units in 2025, reflecting a 1.5 percent increase from 2024, as reported by S&P Global Mobility and ING Research. More than 15 million units are expected to be shipped overseas, with China accounting for 6.5 million.
Analyst Abby Chun Tu noted that China's leading exporters, including BYD, Chery, Changan, SAIC, and Geely, have expanded to 19 manufacturing sites in Southeast and Central Asia to mitigate tariffs. She highlighted that the output of Chinese new energy vehicles in ASEAN is anticipated to rise from 20 percent in 2024 to 68 percent by 2030.
Additionally, BYD is constructing two electric vehicle plants in Europe, while other Chinese automakers have initiated joint ventures in Spain, Poland, Malaysia, and Brazil to circumvent tariff barriers.
