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The
case is closely watched by other sectors such as supermarkets
and chemicals companies, concerned that similar pricing methods
could lead to charges of price fixing by competition enforcers.
The European Commission opened a case against the container
shipping liners in late 2013, following dawn raids two years
earlier.
The companies agreed to publish binding actual rates 31 days
before they go into effect, with the figures acting as a price
ceiling. Under the current system, they only publish the amount
of the increase, not the final price.
The other 13 firms are No.2 player MSC, No. 3 CMA CGM, Germany's
Hapag Lloyd and Hamburg Sud, Taiwan's Evergreen Marine, China
Ocean Shipping (Group) Company (COSCO) [COSCO.UL], OOCL (Orient
Overseas Container Line), South Korean firms Hanjin and Hyundai
Merchant Marine <011200.KS>, Japan's Mitsui OSK Lines (MOL)
<9104.T> and Nippon Yusen Kaisha <9101.T>, United Arab Shipping
Company (UASC) and Israel's Zim.
Reuters reported on June 28 that the Commission would accept the
offer.
"The commitments offered by 14 carriers will make prices for
these services more transparent and increase competition,"
European Competition Commissioner Margrethe Vestager said in a
statement.
The concessions are valid for three years, starting from
December.
(Reporting by Foo Yun Chee; Editing by Robert-Jan Bartunek and
Mark Potter)
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