American Shipper

COSCO Asia/Red Sea rates to climb

COSCO Asia/Red Sea rates to climb

   COSCO Container Lines said Wednesday it is hiking rates by as much as $1,100 per TEU on the Far East/Red Sea trade via a series of increases throughout 2011.

   The increases are $200 per TEU Jan. 1, $150 per TEU March 1, $200 per TEU June 1, $200 per TEU July 1, $200 per TEU Sept. 15, and $150 per TEU Nov.1.

   The increases are applicable to dry and reefer containers shipped from China, Hong Kong, Taiwan, Philippines, Vietnam, Thailand, Malaysia, Singapore, Indonesia, Korea, Brunei, Cambodia, Burma and Japan to Saudi Arabia (Red Sea side), Yemen, Jordan, Egypt and Sudan.