Asia/Europe carriers to increase rates four times next year

Asia/Europe carriers to increase rates four times next year    Buoyant Asia/Europe conference shipping lines are planning to raise westbound freight rates no fewer than four times in 2003, as they predict another year of strong market conditions in Europe’s largest container shipping market.
   According to an executive close to the Far Eastern Freight Conference, westbound rates from Asia to northern Europe will rise by:
   * $150 per TEU on Jan. 1;
   * About $150 per TEU on April 1, depending on market conditions nearer the time;
   * $250 per TEU on July 1;
   * And an undetermined amount in October of next year, to be established by carriers before the peak season starts.
   The carriers’ proposed cumulative rate increases for next year, subject to individual negotiation with shippers, follow several rate increases in the Asia-to-Europe trade already implemented this year.
   A carrier executive, who asked not to be named, told Shippers’ NewsWire that the utilization of ships next year in the trade is expected to be “in the high 90’s.” Ship supply and demand in the Asia-to-Europe trade next year are projected to grow by the same percentage, he added.