A group of container-shipping companies will reportedly seek rate increases of between 10 and 15 percent next year on cargo traveling to the United States from Asia
. The group, the Transpacific Stabilization Agreement, represents 14 container-shipping companies that handle goods ranging from clothes to electronics
, toys and home furnishings. Cargo in the trade, of which the group handles more than 70 percent, has been valued at more than $200 billion a year.
The rate increases are scheduled to go into effect May 1, 2000.
The Oakland, Calif.-based Transpacific Stabilization Agreement represents major shipping lines including A.P. Moller-Maersk Line, Evergreen Marine Corp. and APL, a unit of Neptune Orient Lines Ltd.Merrill Lynch Upgrades Pakhoed
Merrill Lynch has upgraded its intermediate-term rating on Dutch shipping and tank storage group Pakhoed NV to "accumulate" from "neutral," while keeping a long-term "accumulate" rating on the stock. Further details were not immediately available.