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CSAV stung by US$8.9 million US fine for rigging ro-ro rates
CHILE's Compania Sudamericana de Vapores (CSAV), the 20th biggest container shipping line in the world, has been fined US$8.9 million by US Justice Department for conspiring to rig ro-ro rates to the United States.
"Today's charges are the first to be filed in the Antitrust Division's investigation into bid rigging and price fixing of ocean shipping services," said US assistant attorney general Bill Baer.
CSAV has been seeking to battle steep losses caused by low freight rates, high fuel prices and expensive leases, and is now deep into merger talks with Germany's Hapag-Lloyd to create the world's fourth biggest container shipping line.
"Today's charges are the first to be filed in the Antitrust Division's investigation into bid rigging and price fixing of ocean shipping services," said US assistant attorney general Bill Baer.
CSAV has been seeking to battle steep losses caused by low freight rates, high fuel prices and expensive leases, and is now deep into merger talks with Germany's Hapag-Lloyd to create the world's fourth biggest container shipping line.
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