ASIA/MEDITERRANEAN LINES HIKE RATES

ASIA/MEDITERRANEAN LINES HIKE RATES    The Mediterranean Rate Agreement, a conference of ocean carriers in the Asia/Mediterranean trade, reaffirmed that it will increase westbound rates in April, as announced last October, and announced eastbound rate rises.
   Following a meeting of conference carriers on Monday (Feb. 19), the conference confirmed its intention to implement a rate restoration in the trade from Asia to the Mediterranean of “minimum $150 per TEU,” effect from April 1.
   Eastbound, the conference said that it will raise rates to Asia by $250 per container, irrespective of size, effective April 1. The member carriers expect to introduce a further increase in eastbound rates from October, but this amount will be announced nearer the time, the conference said.
   The carriers of the Mediterranean Rate Agreement are APL, CMA CGM, Hapag-Lloyd, Hyundai Merchant Marine, Kawasaki Kisen Kaisha, Maersk Sealand, Malaysia International Shipping Corp., Mitsui O.S.K. Lines, National Shipping Company of Saudi Arabia, Nippon Yusen Kaisha, Orient Overseas Container Line, P&O Nedlloyd and Yangming Marine Transport.