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Transpacific carriers on brink

Transpacific carriers on brink
The Transpacific Stabilization Agreement has proposed ?unprecedented? minimum Asia-to-US freight rates for 2009-10 contracts to prevent some carriers from ceasing service.

The Transpacific Stabilization Agreement has proposed ?unprecedented? minimum Asia-to-US freight rates for 2009-10 contracts to prevent some carriers from ceasing service.

The Transpacific Stabilization Agreement has proposed ?unprecedented? minimum Asia-to-US freight rates for 2009-10 contracts to prevent some carriers from ceasing service.

TSA carriers warned in a statement Thursday that ?establishing a floor on rates, in light of the recent flurry of reductions, will decide whether some lines continue to operate in the trade?.

The TSA admitted that recent efforts to curtail rate volatility have been ?largely unsuccessful?. The group added that carrier execs ?now must come to terms with a stark set of choices: set their prices at minimally sustainable levels or see massive losses in 2009-10 that will not only threaten their viability, but damage service integrity in the trade?.

The TSA is pushing for new minimum rates no later than 1 July of $1,350/FEU for Asia-to-West Coast and $2,500/FEU for all-water East Coast service.

?The industry could well see more dramatic events play out if there is not a more responsible reaction to this extraordinary market condition,? emphasised the TSA, which warned: ?It is certainly not in the interest of the shipping community to have significant failures impact a major market like the transpacific.?

www.TurkishMaritime.com.tr

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