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Rate increases are not enough

Rate increases are not enough
Trans-Pacific shipping rates are rising, but not high or fast enough for ocean carriers, says Wei Jiafu, president and CEO of China Ocean Shipping Co.

Trans-Pacific shipping rates are rising, but not high or fast enough for ocean carriers, says Wei Jiafu, president and CEO of China Ocean Shipping Co.

Trans-Pacific shipping rates are rising, but not high or fast enough for ocean carriers, says Wei Jiafu, president and CEO of China Ocean Shipping Co. ?Since June, we"ve raised rates several times, but still not enough,? he told before speaking at the National Press Club.

Overcapacity in the container shipping industry is an ?issue that cannot be avoided? by carriers in rate negotiations, he said. But he believes higher rates will hold as as demand rises and capacity shrinks.

?We need collaboration between shippers and ship owners to look to protect the long-term interest of the shipping industry,? he said.

Wei believes a global recovery is under way, pointing to China"s higher-than-expected 8.9 percent growth in gross domestic product in the third quarter.

He foresees a V-shaped recovery. ?I believe the worst of the global financial crisis is past,? he told reporters. ?I believe it"s really over. Next year will be much better than this year.?

www.TurkishMaritime.com.tr

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