Korean heavylift firms fined for collusion

Local heavylift players in Korea have received fines for colluding in bidding for projects for the nation’s largest shipbuilder, Hyundai Heavy Industries (HHI).

Dongbang, CJ Logistics, Shebang, Global, KCTC and Korea Logistics have been fined a total of KRW6.84bn ($5.87m) for colluding to raise prices for HHI over a 14-year period.

Since 2005, HHI has been operating an open bidding process for heavylift shipments.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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