The Transpacific Stabilization Agreement (TSA) said that with strong forward bookings it expected the increases to hold across the Lunar New Year holidays.
Lines are looking to take advantage of the stronger market with a further $300 per feu increase scheduled for 15 March and another increase on 1 May, separate from contract rate increases.
“Carriers have left a lot of money on the table in this market as partially successful increases have been eroded over time,” said TSA executive administrator Brian Conrad. “There is now a growing sense that pent-up demand, depleted retail and business inventories, and a greater overall sense of economic security are converging in 2014. Lines are determined not to miss that opportunity.”
The TSA is recommending increases to contract rates of $300 per feu from 2013-14 levels for US West Coast cargo and $400 per feu for all other cargo.
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