Pacific carriers raise westbound metal scrap rates
Container shipping lines of the Westbound Transpacific Stabilization Agreement have adopted non-binding recommendations on a two-stage increase in freight rates for shipments of metal scrap from the United States to Asia.
The proposed increases are $100 per 40-foot container to take effect on Dec. 1, and another increase of $100 per FEU effective April 1, 2004.
According to the carrier group, the recommended increases are “modest in light of current market conditions.”
“Demand for metal scrap, re-used in manufacturing, has grown sharply throughout Asia in recent months,” the group said. “It moves in large volumes, yet is among the lowest-rated commodities in the westbound trade.”
The Westbound Transpacific Stabilization Agreement carriers are: APL, China Shipping Group, COSCO Container Lines, Evergreen Marine Corp., Hanjin Shipping, Hapag-Lloyd, Hyundai Merchant Marine, “K” Line, MOL, NYK, Orient Overseas Container Line, P&O Nedlloyd and Yang Ming.