Japanese vehicle carriers NYK and Mitsui OSK Lines will pay US$72 million to settle claims of price fixing on shipments to Britain, reports London's S&P Global.

The settlement, expected to be approved by Britain's Competition Appeal Tribunal in January, follows a nine-week trial earlier this year. The case was brought by attorney Mark McLaren on behalf of businesses and consumers, alleging cartel behaviour between 2006 and 2015.

Other carriers had already settled: "K" Line and Wallenius Wilhelmsen with affiliate EUKOR paid US$50 million in 2024, while CSAV paid $2 million in 2023. The five carriers had faced claims totalling $201 million over shipments of 17 million vehicles from brands including BMW, Ford, Mercedes-Benz, Nissan, Toyota and Volkswagen.

Mr McLaren said the settlement resolves anti-competitive actions and compensates class members for financial losses. NYK and MOL did not comment. The case adds to a series of global price collusion investigations, with fines previously imposed in the US, Australia and Mexico.

The settlement comes as global light vehicle sales are forecast to reach 90 million units in 2025, up 1.5 per cent from 2024, according to S&P Global Mobility and ING Research. More than 15 million units will be shipped overseas, with China accounting for 6.5 million.

Analyst Abby Chun Tu said China's top exporters BYD, Chery, Changan, SAIC and Geely have expanded to 19 manufacturing sites in Southeast and Central Asia to offset tariffs. She noted Chinese new energy vehicle output in ASEAN is projected to rise from 20 per cent in 2024 to 68 per cent by 2030.

BYD is also building two electric vehicle plants in Europe, while other Chinese automakers have launched joint ventures in Spain, Poland, Malaysia and Brazil to bypass tariff barriers.