Cosco to levy heaviest Asia-Europe rate hike

2/6/2013 9:56:13 AM

COSCO has announced the heaviest rate hike on the Asia-Europe westbound route of US$775 per TEU effective March 15, even higher than the recently announced mega increase of $750 per TEU from Hapag-Lloyd. This is thought to buttress the recent profit warning predicting a $1.3 billion annual loss following losses of $1.7 billion in the previous year. Cosco is also a participant in the Transpacific Stablisation Agreement. Asian Shipper News

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