Evergreen Marine Corp (
The 11-member Westbound Transpacific Stabilization Agreement is seeking to raise its rates by US$50 for a standard 40-foot container and US$40 for standard 20-foot boxes beginning Oct. 1, the group said in an e-mailed statement yesterday.
The shipping lines may make "further rate adjustments" as they try to recover costs from customers, the statement said.
Hapag-Lloyd, Japan's Nippon Yusen K.K. and other shipping
lines have reported smaller profits this year because record oil prices are increasing costs and an oversupply of vessels is causing freight rates to weaken.
"The rate increase is needed for these commodities to help recover rising costs," the group said in the statement.
"Shipments are heavy and at times require special chassis equipment, routing and stowage aboard the ship. Equipment often requires special cleaning and maintenance in Asia," it said.
In Singapore, the price of 380 Centistoke Bunker Fuel used by ships rose to a record US$365 per tonne on May 3, 27 percent more than the price of US$287.50 at the end of last year. Costs have also increased for shipping lines to move cargo on land because truckers and railways are charging more to reflect higher fuel prices.
China Shipping Group (
Other members include Kawasaki Kisen Kaisha Ltd, Nippon Yusen,
Orient Overseas Container Line Inc and Yang Ming Marine Corp (
Shares of Hanjin Shipping, South Korea's largest shipping line, rose 1.4 percent to 21,300 won in Seoul. Shares of Nippon Yusen, Japan's biggest, gained 0.3 percent to ?726 in Tokyo.