The 10-member lines of the Westbound Transpacific Stabilisation Agreement (WTSA) have confirmed 1 November as the date to set new rates, Seatrade Asia online reports. The transpacific container lines have completed their sector-by-sector assessment of freight rates from the US to Asia, and will implement guidelines calling for increases aimed at recovering costs and restoring rates.
“Rate erosion over time has been dramatic for many of the highest-volume cargoes moving in the US-Asia trade,” said Brian M. Conrad, executive administrator at WTSA.
“After various postponements of these increases, lines could not wait any longer and they want to avoid any confusion in the marketplace - they intend to apply the recommended increases and reverse the downward trend in freight rates, beginning 1 November.”
The WTSA members include APL, Cosco Container Lines, Evergreen Line, Hanjin Shipping, Hapag Lloyd, Hyundai Merchant Marine, K Line, NYK, OOCL and Yang Ming Transport.
“Rate erosion over time has been dramatic for many of the highest-volume cargoes moving in the US-Asia trade,” said Brian M. Conrad, executive administrator at WTSA.
“After various postponements of these increases, lines could not wait any longer and they want to avoid any confusion in the marketplace - they intend to apply the recommended increases and reverse the downward trend in freight rates, beginning 1 November.”
The WTSA members include APL, Cosco Container Lines, Evergreen Line, Hanjin Shipping, Hapag Lloyd, Hyundai Merchant Marine, K Line, NYK, OOCL and Yang Ming Transport.