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2008

News

Shipping lines fined for late filing of freight rates

4 November 2009
The Ministry of Transport has fined 10 shipping lines for not filing freight rates with the Shanghai Shipping Exchange on time after new rule became effective on 1 August. The list includes both Chinese and Western shipping companies, including Dalian Shipping, MCC Transport Singapore and Maersk Shipping. By 27 October, six out of the 10 had paid the fine of an undisclosed amount.

The new regulation is an attempt by the ministry to stop a raging price war between international shipping lines as a consequence of the global economic downturn. From 15 June, all international shipping lines operating in China were asked to register their freight rates with the Shanghai Shipping Exchange. A grace period of 45 days was given, making 1 August the first day of operating the new rule.

According to the ministry, by 25 August, all 120 international shipping lines had filed their rates as required. The ministry will monitor the effectiveness of the measure at some point in future and penalise those who are suspicious of unfair dealings.
     
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