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Maersk lifts freight rates again

Copenhagen, June 9, 2009

Maersk Line, the world's largest container shipper, said it will raise freight rates between Europe and Asia for the second time in two months as current price levels are still unacceptable.

The shipper, a unit of Danish shipping and oil group A P Moller-Maersk, said in a statement it would raise rates on transport routes from the Far East to the Mediterranean and North Europe by $300 per 20 foot container unit (TEU) on July 1.

It will also introduce a peak-season surcharge of $150 from August 1 through October 31.

"The trading conditions for the carriers operating in these markets are still subject to unacceptable rate levels and the situation is unsustainable in the longer term," Maersk Line said in a statement.

Maersk Line also lifted rates on routes from India, Pakistan, Bangladesh and Sri Lanka to the Mediterranean and North Europe, and increased them from the Mediterranean back to South Asia and to the Middle East on improved demand.

The shipping industry has seen freight rates and volumes dive in tandem with the global economic downturn. In May, Maersk reported first-quarter freight rates had dropped 24 percent year-on-year and transport volumes 14 percent.

In the same month Maersk Line announced higher prices between Europe and Asia, the world's busiest container trade routes, which took effect June 1. - Reuters




Tags: copenhagen | Maersk Line |

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