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Ocean carrier Evergreen Line will raise its Asia/Europe freight rates by $300 from April, the line's chairman told reporters in Taipei this week.
The Taiwanese carrier, the largest in Asia and fourth-biggest in the world by capacity, has culled roughly a quarter of its capacity in recent months to align supply and demand in a falling market. But Chairman Arnold Wang said that hasn't helped rates from dropping to unsustainable levels.
Wang said the average freight rate between Asia and Europe is $580 per TEU, $500 less than they were in the fourth quarter of 2008, the Taipei Times reported. He said that a $1,100 TEU rate would allow the carrier to break even. Wang also suggested that further capacity cuts could be forthcoming in addition to the rate hikes.
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