Tuesday, July 22, 2014
Maersk announces Asia-Europe freight increase of $450 per-TEU
Shipping giant Maersk Line announced its intention to raise freight rates on its Asia-Europe services by $450 per-TEU effective August 1, the company told Reuters via email on Friday.
A container freight derivatives broker said most of the ten biggest container carriers are aiming for higher rates from Aug. 1, although not all have issued statements to that effect.
Shipping lines continue to struggle with overcapacity as a result of a weaker global demand. Less than a handful of container shipping companies, Maersk said, posted profits last year.
Rate increases announced so far include $550 per-TEU by France's CMA CGM, $1,000 per-TEU by Germany's Hapag-Lloyd, and $600 per-TEU by Korea's Hanjin Shipping.
Only 62 percent of announced price hikes for July 1 held.
Shipping freight spot rates between Asia and Northern Europe dropped 5.5 percent to $1,230 per-TEU in the week ended on Friday.
For more of the Reuters story: in.reuters.com
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