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

Finance

Golden Ocean and Knightsbridge Complete Merger

The merger between Knightsbridge Shipping Limited and Golden Ocean Group Limited was approved today at special meetings of both companies' shareholders.      The new company,

Panama Canal Sets Sight on Another Expansion

As it enters the final stretch of a massive expansion, the Panama Canal Authority is setting its sights on an even more ambitious project worth up to $17 billion

Baltic Sea Freight Index Flat on Muted Vessel Activity

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, remained steady on Thursday due to a muted vessel activity.

Container Ships

Panama Canal Sets Sight on Another Expansion

As it enters the final stretch of a massive expansion, the Panama Canal Authority is setting its sights on an even more ambitious project worth up to $17 billion

Long Beach, LA Collaborate to Improve Cargo Flow

Executives from the ports of Long Beach and Los Angeles held a kickoff meeting earlier this week to begin working together to focus on cargo conveyance strategies

Hapag-Lloyd CFO Ganz Steps Down

Hapag-Lloyd CFO Peter Ganz steps down from position; CSAV CFO Nicolas Burr appointed his successor   Peter Ganz will step down from his position as company CFO effective April 1,

News

Carnival to Add Nine Ships to Cruise Fleet

Carnival Corporation enters into strategic partnerships to add nine cruise ships to its fleet over a four-year period starting in 2019; shipbuilders Fincantieri

Coast Guard Academy Cadet to Receive Fulbright Scholarship

Stephen Horvath, a first class cadet at the U.S. Coast Guard Academy, was recently granted a two-year Fulbright Scholarship to study renewable energy technologies

Ecochlor Presents BWTS Case Study at CMA

Ballast water treatment technology developer Ecochlor Inc. presented a project case study yesterday at CMA Shipping 2015 in Stamford, Conn. The case study covered

Vessels

Carnival to Add Nine Ships to Cruise Fleet

Carnival Corporation enters into strategic partnerships to add nine cruise ships to its fleet over a four-year period starting in 2019; shipbuilders Fincantieri

Ecochlor Presents BWTS Case Study at CMA

Ballast water treatment technology developer Ecochlor Inc. presented a project case study yesterday at CMA Shipping 2015 in Stamford, Conn. The case study covered

Liebherr Opens African Maritime Hub

Liebherr Maritime Cranes celebrated the grand opening of the new sales and service center in Durban, South Africa. The new African maritime hub was opened by a

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1460 sec (7 req/sec)