“K” Line said Friday it had recorded a loss of 5.7 billion yen ($54.8 million) as a loss provision related to the Japan’s Anti-Monopoly Act during the consolidated third quarter term of Fiscal Year 2013, which ended December 31. (Japanese carriers have a fiscal year that runs from the April 1 to March 31.)
The carriers said that the loss was being recorded “in preparation for losses that may occur in conjunction with its announcement on Jan. 9 that it had received a draft cease and desist order and the draft administrative surcharge payment order by Japan’s Fair Trade Commission for for alleged violation of the Antimonopoly Act of Japan.
Separately, the U.S. Federal Maritime Commission announced last month that “K” Line and NYK paid $1.1 million and $1.23 million, respectively, in civil penalties to resolve violations of the Shipping Act.
‘K’ Line announces loss provision
