The two Norwegian companies have admitted to the price collaboration, but it is still unknown how much Dow Chemicals will demand in restitution. The suit also includes the shipping companies Jo Tankers and Mitsui OSK Line, which allegedly also were a part of the extensive price collaboration, according to The Wall Street Journal.
A spokesperson for Dow Chemicals estimates that the company uses about USD 350 million annually on transporting chemicals by sea.
Dow’s lawyers claim that the illegal price collaboration started as early as in 1998 and that it continued for at least four years. In addition to Dow Chemicals, Union Carbide, the company which merged with Dow Chemicals in 2001, is also taking the shipping companies to court demanding substantial monetary restitution from the companies.
“We claim the suit is without foundation, and we will defend ourselves strongly,” said a spokesman for Stolt-Nielsen to the paper.