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China fines 14 shipping lines over failure to disclose rates

China fines 14 shipping lines over failure to disclose rates
Fourteen container lines including CMA CGM and Evergreen Marine have been fined by China’s ministry of transport over their failure to be transparent over the disclosure of their freight rates.

Among the 14 container lines that were fined a total of RMB2.39m ($347,200), the Chinese ministry has spoken with eight companies, namely Hamburg Sud, Gold Star Line, Wan Hai Lines, Wan Hai Lines (Singapore), Heung-A Shipping Co, Korea Marine Transport Co (KMTC), Evergreen Marine and CMA CGM.

The names of the remaining six carriers were not mentioned, according to a statement put up by the ministry on its website.

The container shipping firms were said to have failed to record or recorded inaccurate data on their freight rates, with some routes even displaying zero rates.

“The carriers that the ministry spoke to have agreed to review their practices and adhere to the regulations going forward, as well as to take a serious view on truthfully declaring and recording freight rates,” the transport ministry stated.

The ministry, in its part, said it will tighten its supervision of the international shipping market, raise the level of inspection and impose stiffer penalties so as to maintain a sustainable and healthy market environment.

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