ASIA/EUROPE CARRIERS SCALE DOWN RATE INCREASES
Carriers of the Far Eastern Freight Conference have scaled down the amount of a proposed rate increase planned for Aug. 1 from $250 to $100 per TEU.
Senior executives of conference carriers decided to modify the increase during a principals meeting of the Far Eastern Freight Conference held in Hong Kong on Wednesday.
The FEFC carriers are APL, CMA CGM, Hapag-Lloyd, Hyundai Merchant Marine, “K” Line, Maersk Sealand, Malaysia International Shipping Corp., MOL, National Shipping Co. of Saudi Arabia, Nippon Yusen Kaisha, Orient Overseas Container Line, P&O Nedlloyd, Senator Lines and Yangming Marine Transport.
The conference, which faces price-cutting and overcapacity pressures in the market, would not comment on the reason to revise the rate increase.