The Westbound Transpacific Stabilization Agreement is pushing through a significant freight rate increase, following several rate increases recently.
The rate-making group is looking to push through a two-stage increase for scrap metal shipped from the U.S. to Asia, with the first increase, $100 per 40-foot container, to take effect Dec. 1.
The second half of the increase is slated to take place April 1, 2004. That increase also is expected to be $100 per forty-foot container.
The WTSA states that the increases are modest in light of current market conditions. The agreement notes that demand for scrap metal has grown sharply over the past several months. The WTSA notes that despite the two proposed increases scrap metal is one of the lowest rated commodities in the westbound trade.
The WTSA is made up of 13 container shipping lines. The companies include the following: American President Lines, Ltd.; China Shipping Group ; COSCO Container Lines, Ltd. ; Evergreen Marine Corp. (Taiwan), Ltd. ; Hapag Lloyd Container Line ; Hanjin Shipping Co., Ltd. ; Hyundai Merchant Marine Co., Ltd. ; Kawasaki Kisen Kaisha, Ltd. (K Line); Mitsui O.S.K. Lines, Ltd.; Nippon Yusen Kaisha (N.Y.K. Line); Orient Overseas Container Line, Inc.; P&O Nedlloyd Ltd./B.V.; Yangming Marine Transport Corp.Latest from Recycling Today
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