The temporary withdrawal of regional shipping line Shandong Yantai International Marine Shipping (SYMS) has triggered a rate hike on the China-Japan trade, which were said to have been "extremely low" since February this year.
The head of the shipping business of Grand China Logistics Jia Hongxiang was cited by Lloyd's List as saying that freight rates on the China-Osaka-Kobe route increased to US$200 plus fuel surcharges per TEU on August 18, up from minus $50 plus fuel surcharges per TEU previously.
SYMS's sales department in Shanghai told Lloyd's List that the company has temporarily halted the operations of all its container services and that services will be resumed in September, a move that is believed to be due to its preparations for privatisation.
SYMS was operating up to 24 vessels on the China-Japan trade before the service suspension, the report added.
The head of the shipping business of Grand China Logistics Jia Hongxiang was cited by Lloyd's List as saying that freight rates on the China-Osaka-Kobe route increased to US$200 plus fuel surcharges per TEU on August 18, up from minus $50 plus fuel surcharges per TEU previously.
SYMS's sales department in Shanghai told Lloyd's List that the company has temporarily halted the operations of all its container services and that services will be resumed in September, a move that is believed to be due to its preparations for privatisation.
SYMS was operating up to 24 vessels on the China-Japan trade before the service suspension, the report added.