Europe/South America, WITASS lines plan three rate hikes for 2004

Europe/South America, WITASS lines plan three rate hikes for 2004    Shipping lines of the European/South Pacific & Magellan Freight Conference and the Association of West India Trans-Atlantic Steam Ship Lines (WITASS) said they plan to implement rate increases of 125 euros ($152) per TEU April 1, followed by two further increases on July 1 and Oct. 1, details of which will be confirmed nearer the time.
   The conferences said the increases were necessary, due to “sharply rising system costs, especially charter hire.”
   The European/South Pacific & Magellan Freight Conference covers the trade between Europe and the West Coast of South America. Its members are: CMA CGM, Compania Sud-Americana de Vapores/Euroatlantic Containerline, Hamburg Sud, Hapag-Lloyd, Kawasaki Kisen Kaisha Ltd. (“K” Line) and P&O Nedlloyd.
   WITASS members are CMA CGM, Compania Sud-Americana de Vapores, H Stinnes Linien, Hamburg-Sud, Hapag-Lloyd and P&O Nedlloyd.