Sea Star Line announced that it is implementing a general rate increase, effective April 1, 2012. The general rate increase of 3.5 percent increase will be administered on shipments between U.S. ports and Puerto Rico. Sea Star Line cited escalating operational costs as the main driver for the increase.
“Sea Star Line remains committed to the Puerto Rico trade and needs to implement rate increases and other activities to help to ensure continued profitability. This will position Sea Star Line to continue to reinvest in the Puerto Rico trade,” said Mike Nicholson, vice president of Strategic Planning & Yield Analysis.
Effective March 5, 2012, a new chassis program is effective for shipments moving to and from the Northeast United States (NY/NJ/PHL Region). Sea Star Line no longer provides chassis in that region. Shippers, consignees, or their agents (motor carriers) now obtain chassis directly from any leasing company, or chassis pool providers in the NY/NJ/PHL area, or alternatively, the motor carrier.
A new demurrage policy, taking effect on March 11, 2012, will reduce the number of free time days and increase the costs associated with demurrage.
The company reinvested $4 million in its vessels, terminals, equipment fleet and technology in 2010 and $24.8 million in 2009. Sea Star Line has a long history of reinvesting in the trade, having reinvested $125.3 million since 2004.