The Canada Transpacific Stabilisation Agreement (CTSA) has announced that its 10 member carriers will increase rates US$400 per FEU for Vancouver and by $500 per FEU for all intermodal and Canadian east coast all-water shipments from January 15 regardless of earlier announced rate increases to take effect May 1.
"Container lines serving the market from Asia to Canada cannot wait for the May 1 rate increases with operating cost pressures jeopardising service levels," said the CTSA statement.
"This is a make-or-break period for ocean carriers in the Pacific," said CTSA executive administrator Brian Conrad. "Current rates are unsustainably low and lines are looking ahead to a likely increase in cargo and service demand heading into 2010. There is no way they can continue on the course they've been pursuing all the way through next spring."
The CTSA statement said the interim increase applies to existing rates only, and does not replace the scheduled $800 per FEU increase for Vancouver and $1,000 per FEU hike for intermodal and Canadian east coast all-water routes, applied to long-term contracts into 2010 from May 1.
CTSA members include APL, Cosco, Evergreen, Hapag-Lloyd, Hyundai, "K" Line, NYK, OOCL, Yang Ming and Zim Integrated Shipping Services.
"Container lines serving the market from Asia to Canada cannot wait for the May 1 rate increases with operating cost pressures jeopardising service levels," said the CTSA statement.
"This is a make-or-break period for ocean carriers in the Pacific," said CTSA executive administrator Brian Conrad. "Current rates are unsustainably low and lines are looking ahead to a likely increase in cargo and service demand heading into 2010. There is no way they can continue on the course they've been pursuing all the way through next spring."
The CTSA statement said the interim increase applies to existing rates only, and does not replace the scheduled $800 per FEU increase for Vancouver and $1,000 per FEU hike for intermodal and Canadian east coast all-water routes, applied to long-term contracts into 2010 from May 1.
CTSA members include APL, Cosco, Evergreen, Hapag-Lloyd, Hyundai, "K" Line, NYK, OOCL, Yang Ming and Zim Integrated Shipping Services.