REEFER CARGO RATES SET TO INCREASE
OAKLAND - 01/01/04 - Container shipping lines operating on the transpacific trade routes between the US and Asia have recommended a general guideline increase in rates for refrigerated cargo.
 Effective March 1, rates will rise to $300 per 40-foot container (FEU) and $240 per 20-foot container (TEU), with proportionate recommended increases for cargo otherwise rated.
The recommended increase will be applied to all refrigerated cargo not otherwise covered under seasonal, commodity-specific rate programs for 2004.
Carriers in the Oakland-headquartered Westbound Transpacific Stabilization Agreement (WTSA) noted the importance of bringing up refrigerated rates across the board to cover the relatively high direct costs for equipment and monitoring of perishable shipments.
In addition, "the transpacific market is currently experiencing a more than 4-to-1 ratio in refrigerated cargo moving outbound from the US to Asia, relative to the inbound direction from Asia," the WTSA said.
"As a result, refrigerated containers frequently return empty, carry dry cargo at a discount reflecting the equipment's reduced space efficiency, or are diverted to other, higher-revenue Asia trades," it said.
WTSA is a voluntary discussion and research forum of major container shipping lines serving the trade from ports and inland points in the US to destinations throughout Asia.
Members of the Agreement include American President Lines, Ltd.; China Shipping Group; COSCO Container Lines Ltd.; Evergreen Marine Corp., Ltd.; Hapag - Lloyd Container Line; Hanjin Shipping Co. Ltd.; Hyundai Merchant Marine Co. Ltd.; Kawasaki Kisen Kaisha, Ltd. (K Line); Mitsui OSK Lines Ltd.; Nippon Yusen Kaisha (NYK. Line); Orient Overseas Container Line (OOCL) Inc.; P&O Nedlloyd Ltd./B.V.; and Yang Ming Marine Transport Corp.
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