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U.S.-Asia Container Freight Rate Increases Reaffirmed
Carriers cite cost pressures, pricing erosion in reaffirming recommended November 1 revenue program as announced.
Oakland, CA / October 10, 2011 – Transpacific container lines have completed their sector-by-sector assessment of freight rates from the U.S. to Asia, and have confirmed their intent to implement guidelines calling for increases aimed at recovering costs and restoring rates for key moving commodities to sustainable levels. Most increases are planned to take effect November 1, 2011.
Chief executives of the 10 major carrier members in the Westbound Transpacific Stabilization Agreement (WTSA) have signed off on a final schedule of recommended rate adjustments, and have indicated their intent to adjust the rates for the following commodities:
- Wastepaper
- Metal scrap
- Plastic scrap
- Hay
- Hides
- Forest products
- Protein cargo (refrigerated beef, pork and poultry)
- Agri-products (peas, beans, lentils, grains, soybeans and related products)
- Chemicals
- Clay
- Cotton
- Freight all kinds (FAK) cargo
- Refrigerated “NOS” cargo (miscellaneous dairy products, baked goods, prepared foods)
“Rate erosion over time has been dramatic for many of the highest-volume cargoes moving in the U.S.-Asia trade,” explained WTSA executive administrator Brian M. Conrad. “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 November 1.” Conrad added that WTSA carriers have indicated they have begun notifying customers of specific increases, which have also been posted on the WTSA web site, www.wtsacarriers.org.
WTSA is a voluntary discussion and research forum of 10 major ocean and intermodal container shipping lines serving the trade from ports and inland points in the U.S. to destinations throughout Asia.
WTSA members include:
APL, Ltd.
COSCO Container Lines, Ltd.
Evergreen Line
Hanjin Shipping Co., Ltd.
Hapag Lloyd AG
Hyundai Merchant Marine Co., Ltd.
Kawasaki Kisen Kaisha, Ltd. (K Line)
Nippon Yusen Kaisha (N.Y.K. Line)
Orient Overseas Container Line, Ltd.
Yangming Marine Transport Corp.
Contact: Niels Erich
T: (415) 525-4520
E: n.erich@comcast.net
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