ID :
183089
Thu, 05/19/2011 - 10:30
Auther :
Shortlink :
https://oananews.org//node/183089
The shortlink copeid
Hanjin Shipping faces antitrust probe in EU
SEOUL, May 19 (Yonhap) -- Hanjin Shipping Co., South Korea's leading container line, said Thursday that it was among the major shipping lines probed by the European Union (EU) over alleged price-fixing.
Foreign media reports said earlier Neptune Orient Lines of Singapore, Orient Overseas Container Lines of Hong Kong and several other shipping lines had been investigated over suspicion of price-fixing.
Global container shipping firms have been suffering a sharp fall in freight rates, driven by overcapacity, rising fuel costs and weak demand. But the sector is expected to rebound later this year.
Last week, Hanjin Shipping said it continued to lose money in the first quarter on higher fuel costs and falling freight rates, but its loss narrowed from a year ago.
Net loss reached 108 billion won (US$996 million) in the January-March period, compared with a 126 billion won red ink a year earlier.
Shares of Hanjin Shipping closed at 26,250 won on the Seoul bourse, down 4.89 percent.
Foreign media reports said earlier Neptune Orient Lines of Singapore, Orient Overseas Container Lines of Hong Kong and several other shipping lines had been investigated over suspicion of price-fixing.
Global container shipping firms have been suffering a sharp fall in freight rates, driven by overcapacity, rising fuel costs and weak demand. But the sector is expected to rebound later this year.
Last week, Hanjin Shipping said it continued to lose money in the first quarter on higher fuel costs and falling freight rates, but its loss narrowed from a year ago.
Net loss reached 108 billion won (US$996 million) in the January-March period, compared with a 126 billion won red ink a year earlier.
Shares of Hanjin Shipping closed at 26,250 won on the Seoul bourse, down 4.89 percent.
