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China fines 21 box carriers US$16,000 each for misdeclaring rates

CHINA has fined more than a score of box carriers, units of Cosco, China Shipping, Maersk, OOCL, US$16,000 each for misdeclaring rates, filing higher-than-actual prices to undercut rivals.

China fines 21 box carriers US$16,000 each for misdeclaring rates

CHINA has fined more than a score of box carriers, units of Cosco, China Shipping, Maersk, OOCL, US$16,000 each for misdeclaring rates, filing higher-than-actual prices to undercut rivals.

China fines 21 box carriers US$16,000 each for misdeclaring rates
25 June 2015 - 20:54

China fines 21 box carriers US$16,000 each for misdeclaring rates

CHINA has fined more than a score of box carriers, units of Cosco, China Shipping, Maersk, OOCL, US$16,000 each for misdeclaring rates, filing higher-than-actual prices to undercut rivals, reports Lloyd's List.

"Twenty-one firms violated the Regulations on International Maritime Transportation as they misreported rates, did not report, were unwilling to be probed or falsified information," said the ministry website.

The Shanghai Shipping Exchange, which received filings of rates in international trades, submitted pricing data on trade between Japan and Qingdao, Dalian, Tianjin, Shanghai and Xiamen.

It was feared that state-owned enterprises would be treated differently, but the ruling convicted Shanghai PanAsia Shipping of Cosco Group, Shanghai Puhai Shipping of China Shipping Group and Sinotrans Container Lines (Sinolines) of Sinotrans & CSC Holdings were high on the list of offenders.

Other big name offenders included MCC Transport, a Maersk unit, Evergreen Marine; Orient Overseas Container Line; Wan Hai Lines; Yang Ming Marine Transport; SITC Container Lines; Sinokor Merchant Marine; and Shanghai Hai Hua Shipping.

Also fined were Hong Kong's TS Lines and well as GOTO Shipping International, Qingdao Marine Noah's Ark Shipping, Centrans International Marine Shipping, Sofast Shipping, Dongjin Shipping, Chun Kyung Shipping, Cheng Lie Navigation and Interasia Lines.

Lloyd's List noted that fines imposed were small - US$16,000 each - raising doubts whether those punishments can be effective in preventing similar violations.

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