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Intra-Asia rates raise from April 1

Intra-Asia rates raise from April 1
Member shipping lines of the Intra-Asian Discussion Agreement (IADA) have agreed to raise rates on Intra-Asia loops that call at Japan from April 1.

Member shipping lines of the Intra-Asian Discussion Agreement (IADA) have agreed to raise rates on Intra-Asia loops that call at Japan from April 1.

Member shipping lines of the Intra-Asian Discussion Agreement (IADA) have agreed to raise rates on Intra-Asia loops that call at Japan from April 1.

Increases of between $50 per teu and $100 per feu will be imposed on the selected routes in the region, said an official from the liner division of Japan"s MOL who declined to be named.

?The shipping market is disastrous now, but not so much in the Far East. The current level of rates is much lower than we expected. If this level of freight rates continue, it would be difficult for all lines to survive,? said the executive.

It costs about $500 to $600 to ship a 20-foot box from Japan to Thailand, and approximately $600 to $620 to Singapore at the moment.

?In the past, we were not always successful in raising freight rates due to client opposition, but this time we have no other choice,? said the executive.

MOL informed its clients this week that it intended to increase rates on the Asia-Oceana routes by $50 per teu from April.

Members of the IADA that have agreed to the rate hike in April include COSCON, Emirates Shipping Line, Evergreen Marine, Hanjin Shipping, Yang Ming Marine Transport, Huang-A, Hyundai Merchant Marine, K Line, MOL, OOCL, RCL, Sinokor, SITC Shipping, NYK, Wan Hai Lines and TS Lines.

www.TurkishMaritime.com.tr

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