SOUTH AFRICA's competition authorities has fined NYK pay a ZAR104 million (US$8.5 million) for price-fixing and collusion in the transport of cars.

The Competition Commission said NYK had admitted guilt after an investigation into collusion involving several shipping firms, Reuters reported.

"The Commission found that NYK colluded on 14 tenders with its competitors for the transport of motor vehicles by sea," competition authorities said in a statement.