Shipping lines in the eastbound Pacific announced a target Friday of increasing freight rates $400 per 40-foot container to the U.S. West Coast and $600 on shipments to the interior and the East Coast next year.
The voluntary guidelines from the Transpacific Stabilization Agreement also call for a peak season surcharge of $400 per FEU from June 15 through Nov. 30, 2011. Many of the service contracts that shipping lines will negotiate with their customers will run from May 1, 2011, to April 30, 2012.
The TSA said its research projects cargo volume in the eastbound Pacific next year will increase in the range of 6 to 9 percent. TSA estimates containerized imports from Asia for the entire year of 2010 will increase about 12 percent.
"The trans-Pacific is clearly returning to some kind of normality, with the U.S. and Asian economies still closely linked and imports from Asia still vital to U.S. consumers and businesses," said Y.M. Kim, chief executive of Hanjin Shipping and TSA chairman.
Carriers saw two strong quarters of revenue growth in 2010, but in the highly competitive rate environment of the trans-Pacific, two strong quarters do not offset two years of heavy losses, Kim said.
TSA Executive Administrator Brian Conrad said carriers have experienced steadily rising costs in the areas of labor, container-handling, inland transportation and equipment purchasing and leasing.
Vessel capacity in the trans-Pacific increased this 18.6 percent, with 15 new and restored services, including three new operators on the Pacific.
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