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South Korea cracks down on shipping cartel amid supply bottlenecks

Taiwan's Evergreen, Hong Kong's OOCL among those fined total $81m for price fixing

Containers are seen lined up at Pyeongtaek port in Pyeongtaek, South Korea. Authorities have levied fines for collusive pricing on 23 shipping companies. 

SEOUL -- South Korean antitrust authorities on Tuesday slapped 96.2 billion won ($81 million) in fines on 23 domestic and foreign shipping companies including Hyundai Merchant Marine and Taiwan's Evergreen Marine for price-fixing on multiple routes between South Korea and Southeast Asia over 15 years.

The Korea Fair Trade Commission imposed the financial penalties on shippers from South Korea, Taiwan, Singapore and Hong Kong after ruling they unfairly established an agreed minimum rate to take advantage of cargo owners.

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