The Administrative Council for Economic Defence (CADE) in Brazil issued a fine of approximately BRL 26 million (USD 5.4 million) to Höegh Autoliners for breach of anti-trust regulations dating back to 2000-2012.

Since Höegh Autoliners did not have any turnover in Brazil in the relevant period, the fine is calculated on a “virtual turnover” principle, based on Brazil’s relevance in the worldwide PCTC market.

The decision (including the “virtual turnover” calculation) may be challenged before the Federal Courts in Brazil. Höegh Autoliners disagrees with CADE’s decision, and will review its merits thoroughly before making any decision on how to proceed.

Höegh Autoliners has, along with the most significant PCTC operators, been subject to anti-trust investigations in different jurisdictions. Before CADE’s decision 23 March, investigations had been finalised in 9 jurisdictions, 7 of which resulted in no charges or punitive action taken against Höegh Autoliners.

CADE initiated cartel investigations against the group in 2016. Höegh Autoliners has cooperated with the investigation in good faith, but has strongly and continuously rebutted any claims of wrongdoings in Brazil.