rss icon Subscribe
desktop mobile

Maersk: Firm Cleared in U.S. Shipping Investigation

File Image (CREDIT: Maersk)

A.P. Moller Maersk said on Tuesday a U.S. Department of Justice (DoJ) investigation into the practices of container shipping companies had closed and the group was released from any obligations.

In 2017, the DoJ ordered top executives from several container shipping lines including Maersk to testify in an antitrust investigation over practices by an industry that is the backbone of world trade.

"We are pleased to confirm that the United States Department of Justice has closed its investigation into containerised shipping and has released Maersk from any obligations under the Grand Jury subpoenas issued during the March 2017 meeting of the International Council of Containership Operators," Camilla Jain Holtse, A.P. Moller Maersk's head of competition law and policy, said in a statement.

Holtse added that Maersk, which is the world's largest container shipping company, had provided full co-operation throughout the investigation.

"We believe the DoJ's decision to release Maersk reflects our strong commitment to competition compliance governance and structures over the years."

The investigation could have resulted in large fines at a time when the container sector is struggling with slowing global economic growth.

Last week, Maersk warned trade headwinds would slow container demand growth this year, sending its shares 10 percent lower. The stock was down 1.53 percent at 1121 GMT.

The U.S. probe followed separate ones in recent years by other jurisdictions.

In 2016, European Union antitrust regulators accepted an offer from Maersk and 13 competitors to change their pricing practices in order to stave off possible fines.


Reporting by Jonathan Saul

Feb 26, 2019

 

Legal

Pacific Radiance Wins Case Against Chinese Yard

Image: Pacific Radiance

Singapore-based offshore vessel operator Pacific Radiance has won an arbitration award against a

Improper Crane Use Caused Crew Death -USCG

Inadequate training and improper shoreside crane operations were found to be the cause of a fatal accident earlier this year in the US Coast Guard buoy yard in Homer, Alaska.

Golar Spins Off TFDE LNG Biz

Pic: Golar LNG

Liquefied natural gas (LNG) shipper Golar announced that it has decided to proceed with a spin-off

Ports

PSA, PFR, IFM Jointly Acquire DCT GDAƃSK

Image: DCT Gdansk

PSA International Ptd Ltd (PSA), the Polish Development Fund (PFR) and the IFM Global

DP World Strengthen Brazil Ties

Brazil Minister of Foreign Affairs, Ernesto Henrique Fraga Araujo (right) with DP World Group Chairman and CEO, Sultan Ahmed bin Sulayem (left) during a meeting in the capital of the country, Brasilia this week. Photo: DP World

Brazil Minister of Foreign Affairs, Ernesto Henrique Fraga Araujo met with the global port

Peel Ports Acquires Quality Freight

Mark Whitworth. Photo: Peel Ports Group

Peel Ports Group has announced that it has acquired Quality Freight (UK) Limited, which provides

Maritime Apps