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Palma.—The small and medium sized business association (PIMEM) has welcomed a 55 million euro fine on shipping companies in the Balearics for price-fixing.

Five companies will share the enormous fine after a government investigation established that they had all worked together on prices and route schedules.

PIMEM said in a communique that they had been complaining about these sharp practices for many years. “Many of our members have seen their costs rise dramatically as a result of these unlawful activities by the major shipping companies,” PIMEM said in a communique released yesterday.

It is unclear whether or not the companies involved intend to appeal the fine which was imposed on Monday by the Spanish government.