Shipping companies raided in anti-trust investigation
COPENHAGEN (Bloomberg) - AP Moller-Maersk A/S, owner of the world's largest container shipping company, and CMA CGM SA are among companies raided by European Union anti-trust officials over possible collusion.The European Commission made unannounced inspections at the premises of companies active in “container liner shipping in several member states”, it said in an e-mailed statement yesterday. It didn't name the companies involved.EU regulators said they had “reason to believe” that the companies may have breached EU cartel or monopoly-abuse rules. The raid doesn't mean that the companies are guilty of anti-competitive behaviour, the commission said.The container industry returned to profit last year as volumes and freight rates recovered. Maersk said on May 11 that while freight rates will be under pressure in the “short term”, the market will improve in the second half of the year.Maersk will “fully cooperate with the Commission's employees to investigate the matter thoroughly,” Christian Kledal, the head of Maersk's legal group, said in an e-mailed statement. The company's “practices are in compliance with EU competition legislation,” he said.CMA CGM, the world's third-largest container shipping company, is also part of the EU probe. The closely held Marseille-based company said it's cooperating with regulators. Hamburg Sued was raided by commission officials yesterday and is fully cooperating with them, a spokeswoman said.for the Hamburg, Germany-based company said in a phone interview.Yang Ming Marine Transport Corp and United Arab Shipping said they weren't raided.Maersk Line, which owns or charters more than 500 ships, has vessel-sharing agreements with CMA CGM and Mediterranean Shipping Co, the world's second-biggest container line. Under such deals, shipping lines can buy space on their rivals' ships to reduce costs. Maersk and CMA CGM are both members of the Transpacific Stabilization Agreement, which works to “develop voluntary, non-binding guidelines for rates and charges”, according to its website.