A P Moller Maersk, Mediterranean Shipping Co and 14 other shipping lines plan to raise their rates for moving waste paper, lumber and other products to Asia from Europe as global demand grows.
The 16 shipping companies, which form the Far Eastern Freight Conference, plan to increase rates for moving the products by up to US$100 per container, the group said in a statement. The increases will start from March 1, it said.
Shipping lines expect rising demand for sea transport, which will allow them to stem a year-long fall in rates. The freight increase for the Asia-Europe route will last until May next year for some of the cargo.
The group, which handles about 60 per cent of trade between Asia and Europe, said in November that it will raise three-month contract rates for shipping goods to Europe from Asia, excluding Japan, by US$200 per 20-foot standard containers from this month.
The other members of the Far Eastern Freight Conference include ANL Container Lines, Neptune Orient Lines's APL, CMA CGM SA, CSAV Norasia Liner Services, Egyptian International Shipping, Hapag-Lloyd, Hyundai Merchant Marine, Kawasaki Kisen Kaisha, MISC Bhd, Mitsui OSK Lines, Nippon Yusen KK, Orient Overseas Container Line, Safmarine and Yang Ming Marine Transport.
The 16 shipping companies, which form the Far Eastern Freight Conference, plan to increase rates for moving the products by up to US$100 per container, the group said in a statement. The increases will start from March 1, it said.
Shipping lines expect rising demand for sea transport, which will allow them to stem a year-long fall in rates. The freight increase for the Asia-Europe route will last until May next year for some of the cargo.
The group, which handles about 60 per cent of trade between Asia and Europe, said in November that it will raise three-month contract rates for shipping goods to Europe from Asia, excluding Japan, by US$200 per 20-foot standard containers from this month.
The other members of the Far Eastern Freight Conference include ANL Container Lines, Neptune Orient Lines's APL, CMA CGM SA, CSAV Norasia Liner Services, Egyptian International Shipping, Hapag-Lloyd, Hyundai Merchant Marine, Kawasaki Kisen Kaisha, MISC Bhd, Mitsui OSK Lines, Nippon Yusen KK, Orient Overseas Container Line, Safmarine and Yang Ming Marine Transport.