Evergreen planning Asia-Europe rate hike

2/17/2009 9:51:32 AM

Evergreen Marine Corp, Taiwan's largest container shipping company by revenue, said it plans to hike freight rates on its Asia-Europe routes from April 1.   Evergreen Marine said it may increase the rates again after April as they are below break-even levels because of excess capacity, Dow Jones reported.   The company may attempt to push up Asia-Europe rates by US$300 per TEU in April. Freight rates on the routes, which are negotiated quarterly, are now down as much as $500 to $600 per TEU from the fourth quarter.   The rates on the routes are now around $850 per TEU. Evergreen Marine said break-even rates on the Asia-Europe routes are around $1,100 per TEU.   The company may hike the rates again in June and August, and will also consider raising rates on US-Asia routes from May.   About 40 percent of the company's revenue comes from US-Asia routes, and less than 40 percent from Asia-Europe. Evergreen Marine is the world's fourth-largest container shipping company by capacity.   CargoNewsAsia

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