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EU: Shipping cartel now subject of Commission probe

 |  November 22, 2013

The European Commission announced Friday it has launched an investigation into various shipping companies for allegations the firms formed a cartel to raise prices of the transport of goods around the globe.

According to reports, the companies under watch hold shipping routes between Hong Kong, Shanghai, Singapore and various EU ports. While the Commission did not name the specific companies that are targeted by the investigation, Denmark’s Maersk Line confirmed that it was the subject of the EU probe.

In a statement by EU authorities, the practices under question involve the companies announcing price increase intentions, which the Commission said raises concerns that the shipping firms can signal future price changes to each other.

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