The European Commission found that the Chilean CSAV, the Japanese K Line, MOL and NYK, and the Norwegian-Swedish WWL-EUKOR participated in a cartel concerning intercontinental maritime transport of vehicles, and imposed a total fine of €395 million. All companies acknowledged their involvement in the cartels and agreed to settle the cases.
The International Monetary Fund published its World Economic Outlook for January 2018 and has revised its original forecast for global growth in 2018 and 2019, up by 0.2 to 3.9% for both years. If this growth materialises, it will benefit the container shipping industry.
ECSA expressed its opposition to a new law by Indonesia, imposing that certain commodities can only be transported for import or export by national maritime transport companies. European shipowners request EU to react upon “this violation of free trade principles”, especially in light of the ongoing FTA discussions between EU and Indonesia.
Loss-making freight rates shows that the tanker industry is currently battling. Overcapacity, weak ”trading demand” and weak OPEC output have put pressure on the conditions that usually boost long hauls, something that may result in extended losses into 2018.
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