Danish container shipper Maersk Line announced a second rate hike this year on its Asia-Europe lanes in a bid to recover from huge revenue losses owing to high fuel costs and a market overcapacity.

The word’s largest container shipping group said it will impose a further $400 rate increase per 20-foot equivalent unit (TEU) for all dry and reefer cargo from all Asian ports to all destinations in North Europe and the Mediterranean.

 

The rate hike becomes effective from April 1, the company said.

In January, the Copenhagen-based box ship said it will hike Asia-Europe rates by $775 per TEU from March 1.

On February 17, the company said it is making a 9 percent cargo capacity reduction on the Asia-Europe trade in an attempt to boost rates. The capacity cut is to be conducted through a vessel-sharing agreement with French container shipping line CMA CGM.

“The Asia-Europe trade remains the world’s busiest trade route, however, the supply of vessels currently operating on this trade simply outweighs the demand. We are therefore rationalising our service by taking out vessel capacity and thereby reducing costs,” Vincent Clerc, chief product and yield officer for Maersk Line, had said to explain the capacity slash.

 

You May Also Like

5 box carriers, 4 terminal operators initiate blockchain consortium

Nine global shipping industry players have agreed to create a blockchain consortium that will “enable the shipping industry to digitally transform and to prepare…

Air passenger market grows, cargo demand eases for Asian airlines

International air passenger markets sustained their growth in November, underpinned by continued strength in the global services sectors, while air cargo volumes remained relatively…

ATI: South Harbor’s truck handling rate up 20% with online booking

Since implementing the Terminal Appointment Booking System (TABS) in October last year, truck transactions at the Manila South Harbor have increased, achieving a quicker…

Global airfreight’s growth flat in 2012, forecasts ACI

With an overall slowdown in the movement of goods across borders, international airfreight contracted by 1.2 percent in October year-over-year, with traffic growth for…