SIMIC

Since 2018, the Fair Trade Commission (FTC) has been looking into allegations that HMM (Hyundai Merchant Marine) and 22 other local and foreign shipping lines colluded to fix freight rates for southeast Asian sea routes.

The accusation is the carriers colluded to set the shipping costs of container cargo services 120 times between December 2003 and December 2018 in a bid to hike the minimum level of freight rates and other costs.

The South Korean shippers claimed they are allowed to take collective action on freight rates under the country's maritime shipping act.

The total amount of the fine was far smaller than expected as the regulator decided not to impose a fine for collusion on import routes.