A number of shipping lines servicing the Asian market could start hiking their freight rates at levels far faster than previously announced. Ship lines attribute significant congestion at ports servicing the Pacific routes as a main reason for the decision.
SHIPPING lines including P&O Nedlloyd Ltd and Neptune Orient Lines Ltd may raise freight rates faster than previously announced this year as congestion at ports in the Pacific pushes up costs.
News reports say that the Transpacific Stabilization Agreement may raise rates more than the 7.6 percent increase earlier forecast for May, the group said in a statement yesterday.
Late last year the Transpacific Stabilization Agreement said it would aim to raise the cost of carrying a 40-foot container to the US West Coast from Asia by $285, starting in May. Rates to the US East Coast and Persian Gulf via the Panama and Suez canals will rise by $430.
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