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ASIA/MEDITERRANEAN CARRIERS RAISE RATES

ASIA/MEDITERRANEAN CARRIERS RAISE RATES

   Shipping lines of the Mediterranean Rate Agreement have announced a plan to increase freight rates from Asia to the Mediterranean next year.

   The conference’s plan for 2001 is to raise rates on April 1, 2001 by “minimum $150” per TEU and increase them again on Aug. 2001 by “minimum $250” per TEU.

   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, Nippon Yusen Kaisha, Orient Overseas Container Line, P&O Nedlloyd and Yangming Marine Transport.