More than 20 Korean and foreign shipping firms have been slapped with a staggering fine of more than 96 billion won for colluding on freight rates over the past 15 years. 

The Fair Trade Commission(FTC) imposed the fines on 23 container shipping companies on Tuesday, concluding that they had conspired to raise rates for South Asia routes on 120 occasions between 2003 and 2018.

According to the watchdog, major shipping firms, including Korea Marine Transport Corporation and Sinokor Merchant Marine Corporation, first colluded in 2003 to raise rates for Asia routes. Foreign shipping firms joined the price-rigging afterwards.

A much higher penalty was initially proposed, but chairperson Joh Sung-wook said the amount was settled at 96-point-2 billion won considering the distinct nature of shipping firms in Korea, a country heavily dependent on exports.