US-EU check suspicions of container trade price fixing

US REGULATORS and European Union competition authorities are looking for evidence of price fixing among container shipping companies, reports the Wall Street Journal.

Regulatory suspicions have been aroused because freight rates continue to rise despite a flood of shipping capacity entering the market, said the report.

Shipping lines, including Maersk, deny operating a price fixing cartel, but the confusing conditions have provoked a "fact finding mission" by the US Federal Maritime Commission, which will produce an interim report June 15 and a final report July 31.

The agency's mission is to make ensure collaboration among shipping lines does "not result in unreasonable increases in transportation costs or decreases in services," said Commissioner Michael Khouri.

In Europe, regulators say they are "actively monitoring" the situation, but EU spokeswoman Amelia Torres would provide no further detail on the European investigation.
(Source:www.schednet.com)