| Author (Person) | Chapman, Peter |
|---|---|
| Series Title | European Voice |
| Series Details | Vol.4, No.31, 3.9.98, p22 |
| Publication Date | 03/09/1998 |
| Content Type | Journal | Series | Blog |
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Date: 03/09/1998 By COMPETION Commissioner Karel van Miert is set to propose fining some of the world's biggest shipping companies for operating an alleged pricing cartel. The full Commission is expected to endorse his call for financial penalties on firms involved in the Trans-Atlantic Conference Agreement (TACA), which has a 60% share of all transatlantic maritime freight, in two weeks (16 September). TACA companies, which include Denmark's AP-Moller-Maersk Line, Germany's Hapag-Lloyd Container Linie and Anglo-Dutch container line P&O Nedlloyd, face punishment for extending an agreement on freight pricing and capacity which links sea and land journeys. The Commission insists that while seaward journeys enjoy exemption from EU competition rules, landward legs do not. The total fines are expected to rival the record 102 million ecu imposed on German car firm Volkswagen earlier this year. The move follows a four-year campaign by Van Miert against TACA members following complaints from shippers of goods about an overnight hikes in freight rates. |
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| Subject Categories | Mobility and Transport |
