Chinese authorities have penalized several shipping companies for price fixing after a year-long investigation. Among the companies found guilty of violating China's 2008 anti-monopoly law are Kawasaki Kisen Kaisha and Eastern Car Liner, Japan's Mitsui OSK Lines, South Korea's Eukor Car Carriers, Chile's Cia Sud Americana de Vapores and Norway's Wallenius Wilhelmsen Logistics. 

Like Us on Facebook

The biggest fine of $45m will be paid by Eurkor, who have responded by saying they are glad to see the investigation has been completed. The company has said it will do everything possible to prevent similar incidents in the future. Only Japan's Nippon Yusen was exempted from paying fines because the company chose to cooperate with investigators.

According to the National Development and Reform Commission (NDRC), the firms controlled certain routes to control prices. ''The shipping companies that carry vehicles were found to have coordinated bids and routes in order to keep prices high," said the commission.

The erring companies have been fined about 4% to 9% of their total shipping earnings to and from China.

The NDRC said executives from the firms were in connivance for four years to avoid competition on routes that connects China with North America, Europe and Latin America.

The crackdown affected various sectors in the industry as authorities attempt to keep Chinese consumers safe from rice manipulation.

In February, US chipmaker Qualcomm paid $975 million in fines to Chinese authorities after being found guilty of abusing its control of wireless technology by charging high licensing fees.

TagsShipping firms, anti-monopoly law, China fines Shipping firms