GTT Not Informed of FTC Investigation
French marine engineering company Gaztransport et Technigaz SA (GTT) has not been notified of an inquiry into its commercial practices reportedly launched by the Korean Fair Trade Commission, the company said in a comment to market rumors.
Korean media said that GTT was being investigated by the Commission for “unfair” commercial practices with its Korean shipbuilding partners which are believed to in breach of fair trade laws.
As disclosed by the Korea Economic Daily, citing shipbuilding sources, the investigation concerns contracts from late last year signed with the country’s major shipbuilders including Daewoo Shipbuilding & Marine Engineering (DSME), Samsung Heavy Industries (SHI), and Hyundai Heavy Industries (HHI), major builders of the world’s LNG fleet.
Namely, GTT, which holds 90 percent of the world’s LNG storage tank market, is suspected of having abused its market position to charge unfair prices for its patented technology.
World Maritime News Staff