NYK face fines for price fixing in Australia

NYK Pleads Guilty To Australian Price-fixing

Japanese shipping line Nippon Yusen Kaisha, or NYK, has plead guilty to charges of price-fixing in Australia, the Australian Competition and Consumer Commission, or ACCC, reports.

“This is the first criminal charge laid against a corporation under the criminal cartel provisions of the Competition and Consumer Act,” said Rod Sims, chairman of ACCC.

NYK was charged for criminal-cartel conduct related to charges levied by the company for transportation of vehicles to Australia between July 2009 and September 2012.

NYK faces fines of up to AUS$10 million or 10 percent of their annual turnover whichever is larger. The case is scheduled to be heard in Australia’s federal court on Sept. 12.

NYK is one of the world’s largest shipping companies and provides worldwide transport of project cargo, heavy-lift cargo, steel and bulk cargo, alongside its larger container shipping services.

The news follows a recent U.S. Department of Justice ruling to fine Norwegian shipper Wallenius Wilhelmsen Logistics US$98.9 million for price fixing of ocean shipping services for cars and trucks.

Photo: NYK faces fines for price fixing in Australia. Credit: Wikimedia

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