Maersk hikes Euro-Asia rates
Maersk Line announced general freight rate increases on containers shipped from Europe to Asia, saying currency movements were boosting traffic on the route.
The Danish carrier said general commodity rates would rise by $25 per TEU effective March 1 and April 1 "to ensure sustainable freight rates."
Maersk said the decline in eastbound freight rates in the fourth quarter of 2008 had continued into 2009 to unsustainable levels.
"There are now indicators that demand is increasing due to, amongst others, the weak sterling and euro." The yen, in particular, has appreciated sharply against European currencies.
Maersk, the world's largest ocean carrier, is the leading operator on the Asia-Europe trades with a market share estimated at around 15 percent. It has shaved around 10 percent of its capacity on the route in the past six months in response to declining cargo volume and freight rates. Westbound rates have fallen to around $250-300 per TEU, excluding surcharges, from an average $1,700 18 months ago.
Eastbound traffic and freight rates have traditionally lagged growth and earnings on voyages from Asia.
The Danish carrier said general commodity rates would rise by $25 per TEU effective March 1 and April 1 "to ensure sustainable freight rates."
Maersk said the decline in eastbound freight rates in the fourth quarter of 2008 had continued into 2009 to unsustainable levels.
"There are now indicators that demand is increasing due to, amongst others, the weak sterling and euro." The yen, in particular, has appreciated sharply against European currencies.
Maersk, the world's largest ocean carrier, is the leading operator on the Asia-Europe trades with a market share estimated at around 15 percent. It has shaved around 10 percent of its capacity on the route in the past six months in response to declining cargo volume and freight rates. Westbound rates have fallen to around $250-300 per TEU, excluding surcharges, from an average $1,700 18 months ago.
Eastbound traffic and freight rates have traditionally lagged growth and earnings on voyages from Asia.