Hyundai raises eastbound transatlantic rates

Hyundai raises eastbound transatlantic rates    Hyundai Merchant Marine said Friday it is seeking to raise rates on shipments from the United States to ports in northern Europe.
   The general rate increase is $400 per TEU and $500 per 40-foot equivalent unit, 40-foot high-cube, reefer or flat rack/open top container. The increase, effective Sept. 1, applies to shipments going to all ports and points in Northern Europe, the United Kingdom and Scandinavian/Baltic countries.
   '(Transatlantic) export revenue fell 23 percent in the second quarter of 2009 when compared to revenue generated in the second half of 2008,' said Brian Black, senior vice president of Hyundai. 'Cost cutting measures have not offset our financial losses in the trade so the decision was reached to increase rates. Decisions are easy when there are no other options.'