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A group of container shipping lines operating routes between the US and Asia plans to increase freight rates in a bid to restore their profitability, with the increases to take effect May 15, reported Dow Jones Newswires.
The container carriers, grouped under the Westbound Transpacific Stabilisation Agreement, which includes companies such as Cosco Container Lines, Orient Overseas Container Line, Hanjin Shipping and Hapag Lloyd, said in a statement it recommended its members increase the freight rate for dry commodity-specific cargos by US$50 per FEU from Pacific Southwest ports in Los Angeles, Long Beach and Oakland, and by $100 per FEU for all other cargos moving from Pacific Northwest ports, inland US points, and the US East and Gulf Coasts.
The industry group also recommended an increase of $200 per FEU for all refrigerated cargos between the US and Asia.
Other members of the group are Hyundai Merchant Marine, Kawasaki Kisen Kaisha, Nippon Yusen Kaisha, Yang Ming Marine Transport, Evergreen and APL.
Cargonews Asia
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