Maersk Aims to Raise Aisia-Europe Freight Rates

Posted by Michelle Howard
Friday, July 18, 2014
Photo: Maersk

The world's biggest container shipping company Maersk Line, a unit of A.P. Moller-Maersk, said it planned to raise freight rates on routes from Asia to northern Europe by $450 per 20-foot container (TEU).

The new rates will take effect from Aug. 1, the company told Reuters in an email on Friday.

A container freight derivatives broker said most of the ten biggest container shipping companies are aiming for higher rates from Aug. 1, even though some have not issued statements.

Higher rates on the busiest freight routes between Asia and northern Europe would help companies, which have been struggling with overcapacity as a result of a weak global economy. Less than a handful of container shipping companies, Maersk included, posted profits last year.

Rate hikes announced so far include $550 per TEU by third-biggest container shipping company, France's CMA CGM; $1,000 per TEU by the sixth-largest, Germany's Hapag-Lloyd ; and $600 per TEU by eighth-largest player, Korea's Hanjin Shipping.

The full increases announced vary from 36 to 81 percent, but it is unusual for companies to manage to implement planned rises in full. Only 62 percent of announced price hikes for July 1 were implemented successfully.

On average, shipping freight spot rates between Asia and Northern Europe fell 5.5 percent to $1,230 per TEU in the week ended on Friday.

(By Ole Mikkelsen, editing by Jane Baird)

Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Oil Price Shock Soon to be Positive Overall for Canada

Canada's economy will start to show more positive effects from the drop in oil prices than negatives from the second quarter onwards, Bank of Canada Governor Stephen Poloz said on Friday.

Total Eyes Sale of its Fuel Retailing Business in Turkey

Total aims to exit its fuel distribution business in Turkey and has asked Societe Generale to lead the sale, sources said on Friday, as the French oil producer

MISC Says AET Tankers Unit Not for Sale

MISC Berhad issued a statement today addressing recent market speculation that the company is set to sell its wholly owned petroleum tanker subsidiary AET Tankers.

News

Two Rescued from Sinking Shrimp Boat

Two fishermen were rescued from their sinking shrimp boat by a U.S. Coast Guard aircrew Friday off the coast of Saint Simons Island near Brunswic, Georgia.   Watchstanders

IMO: Making Ferries Safer

The International Maritime Organization (IMO) domestic ferry safety conference in Manila April 24 has adopted guidelines to aid the process of reducing the mounting

Judge Orders Migrant Boat to Remain in Custody

An Italian judge on Friday ordered that the presumed captain of a migrant boat that sank with the loss of more than 700 lives should remain in custody after prosecutors

Vessels

EUROPA 2 Undergoes First Scheduled Docking

As part of its first scheduled docking, Hapag-Lloyd Cruises’ EUROPA 2 underwent technical maintenance at Blohm + Voss in Hamburg from April 11-24, 2015.   At the same time,

Boatbuilding in China

While much of the focus on coverage of the Chinese shipbuilding industry is on big shipbuilding, Maritime Reporter switches gears this month to explore activities in select boatbuilding sectors.

The German Shipbuilding Rebound

German shipbuilding has made a significant turnaround. The country’s shipbuilding industry has seen increases in the number of employees, orders and deliveries compared to 2013,

 
 
Maritime Contracts Maritime Security Offshore Oil Pod Propulsion Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1762 sec (6 req/sec)