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Transpacific box lines try for another rate increase

Transpacific box lines try for another rate increase
Container lines on the transpacific trade have announced a general rate increase (GRI) and a peak season surcharge, as look offset recent losses.

Member lines of the Transpacific Stabilization Agreement (TSA) have announced a $300 per feu increase from Asia to US West Coast and $400 per feu to all other US destinations from 15 May.

The move comes just one month after a similar increase on 15 April, however, rates have continued be eroded even though vessel utilisation has been well over 90%.

“Carriers continue to play catch-up on rates, which have been effectively stagnant since 2011,” said TSA executive administrator Brian Conrad. “Modest revenue gains from recent GRIs will not be adequate to pay for upgraded services to meet likely demand surges in the coming months.”

TSA member lines also announced a $400 per feu peak season surcharge from 15 June.