TACA reaffirms July rate hikes

TACA reaffirms July rate hikes    The Trans-Atlantic Conference Agreement has reaffirmed its plan to introduce westbound freight rates increases of $240 per 20-foot container and $300 per 40- or 45-foot box, effective July 1. These increases are "necessary to address rising operating costs, which show no signs of abating, relating to high charter rates, container acquisition, repair and maintenance, stores, spares and supplies, insurance, manning and administration," the conference said. "Capacity utilization is expected to continue at high levels throughout the remainder of the year, with significant space constraints being experienced at times of heavy demand," it added. Carriers of TACA are: Atlantic Container Line, Hapag-Lloyd, Maersk Sealand, Mediterranean Shipping Co., NYK Line, Orient Overseas Container Line and P&O Nedlloyd Ltd.