(The following is a reformatted version of a press release issued by The Transpacific Stabilization Agreement and received via electronic mail. The release was confirmed by the sender.) ASIA-U.S. CONTAINER LINES RECOMMEND FURTHER FREIGHT RATE INCREASE FOR SEPTEMBER 1 Lines look to build on recent cargo volume gains to shore up baseline rates for holiday peak period. Oakland, CA /August 18, 2014 - Member container shipping lines in the Transpacific Stabilization Agreement (TSA) are proposing an across-the board general rate increase (GRI) of at least US$600 per 40-foot container (FEU) to all destinations, effective September 1. Carriers had filed increases in their individual tariffs in late July and subsequently began notifying customers directly. TSA lines said the planned GRI follows strong cargo demand and high vessel utilization levels in recent months, which forward bookings suggest will continue through September. With equipment, inland transport and other cargo handling costs rising steadily, carriers see higher baseline rates going into 2015 as essential to maintaining adequate service levels over time. “Lines have made modest revenue gains to date this year, but they continue to struggle in terms of returning to profitability,” said TSA executive administrator Brian Conrad. “In most route segments they are operating at or near full capacity with little room for error in managing assets, so this increase is needed as a cushion to cover costs and assure service choice and reliability.” TSA is a research and discussion forum of major container shipping lines serving the trade from Asia to ports and inland points in the U.S. More information on TSA is available online at www.tsacarriers.org. TSA members include: APL Ltd. Kawasaki Kisen Kaisha, Ltd. (K Line) China Shipping Container Lines Maersk Line CMA-CGM Mediterranean Shipping Co. COSCO Container Lines, Ltd. Nippon Yusen Kaisha (N.Y.K. Line) Evergreen Line Orient Overseas Container Line, Ltd. Hanjin Shipping Co., Ltd. Yangming Marine Transport Corp. Hapag-Lloyd AG Zim Integrated Shipping Services Hyundai Merchant Marine Co., Ltd. Contact: Niels Erich T: 415.525.4520 Email: email@example.com (bjh) NY #<873920.6606220.127.116.11.0.76>#
ASIA-U.S. CONTAINER LINES RECOMMEND FURTHER RATE INCREASE
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