An Australian Federal Court has found Air NZ and at least 13 other international airlines agreed to fix prices for cargo flights in and around Asia, between 2002 and 2007.
At the moment Air New Zealand's share price is up eight cents to $3.23.
The Australian Competition and Consumer Commission says the cartel fixed the price of fuel and insurance on freight services out of Hong Kong, and insurance and security costs from Singapore to destinations including Australia.
Commissioner Sarah Court said the cartel had unfairly reduced competition for cargo flights into Australia.
Air New Zealand's sanctions take the combined penalties against the cartel to more than 110 million, including a 20 million penalty in 2008 against Qantas.