EC issues cartel charges against bulk liquid shipping companies

EC issues cartel charges against bulk liquid shipping companies The European Commission confirmed Wednesday that it has issued a statement of objections to a number of unnamed companies regarding alleged cartel activity in the deep sea bulk liquid market.
   The EC alleges the concerned parties were involved in customer allocation, bid-rigging, price-fixing and the exchange of confidential market information, based on information gathered in February 2003. At the time, four major chemical tanker operators — Odfjell, Stolt-Nielsen SA, Jo Tankers and Tokyo Marine — announced that antitrust authorities had raided their offices.
   A statement of objections is a formal step in European antitrust investigations in which the EC informs the parties concerned in writing of the objections raised against them. The addressee then has two months to reply in writing, setting out all facts known to it that are relevant to its defense against the objections raised. The party may also request an oral hearing to present its comments on the case, which usually takes place about one month after the written reply has been received.
   Only after having heard the company’s defense can the EC make a final decision, which may be accompanied by fines of up to 10 percent of a company’s worldwide total annual turnover.