Maersk to hike North America/Med dry rates

Maersk to hike North America/Med dry rates Maersk Line said today it will seek a general rate increase of $400 per TEU and $600 per FEU for dry cargo on the eastbound trade from North American East Coast and Gulf ports to Mediterranean ports, effective Nov. 15.
   “Market developments have caused rate levels to deteriorate to unsustainable levels, while we are facing increased cost pressures,” the Danish carrier said. “We expect that the recent capacity reductions in the trade will favorably influence the supply and demand balance. We intend to restore the rates to a level where we can address cost increases and continue to offer reliable and efficient services in the trade.”
   American Shipper’s sister company, ComPair Data (www.compairdata.com), which tracks service changes in the major global liner trades, shows that North America/Med capacity was reduced by some 174,000 TEUs in annual one-way capacity due to the recent end of Maersk’s East Med loop and the TAS-3 service of COSCO Container Lines, “K” Line and Yang Ming.