Maersk Line implemented a new round of general rate increases in its Far East Asia services, on April 15, 2012. This marked the “highest rate increase initiative on the trade” according to a report on Maersk Line’s web site. Maersk announced the rate restoration initiative with a “quantum of usd 775/1550 per 20’/40′ container”. They said that “rate increase (GRI) will apply to all dry and reefer cargo moving from all Asia origins to all Europe ports including Mediterranean and North Europe as of 1st of March, 2012.”
“It is important to highlight once again that 1st of March Rate Restoration initiative is driven by a need for more sustainable rate levels which will enable us to continue creating values for our customers. After the rate deterioration started by end 2010, we are now in a place where total revenue per container is not sustainable anymore.”
Maersk raised its rates by $500 per 20-foot equivalent unit container on dry shipments from Far East Asia to the west coast of South America and Central America. Rates increased $1,000 per 40-foot or high cube container and $1,250 per 45-foot container.
Rates from Far East Asia to the Caribbean will go up by $560 per 20-foot dry container and $800 per 40-foot or high cube dry container.
Maersk increased its rates from Far East Asia to Puerto Rico by $560 per 20-foot dry container and $800 per 40-foot dry container.
Far East to the U.S. and Canada rates went up to $320 per 20-foot container, $400 per 40-foot container and $450 per 40-foot high cube container.
Maersk also implemented a $150-per-TEU general rate increase in the trade from the Far East (excluding Japan) to India, on April 1, 2012.
The moves followed a series of rate hikes the carrier imposed March 15, 2012 on Far East Asia routes.
Maersk says, “While we are working hard to keep our costs down, we are also focusing on creating more values for you. Moving forward, we are determined to create even greater value for our customers through innovative solutions, increased service and unmatchable reliability. But current cost versus revenue picture is putting our efforts into jeopardy and its now more challenging for us to offer most reliable service in the container shipping industry.”
Maersk plans on continuing to offer a broad portfolio of services and they wish to maintain their high level of reliability. They hope for support and success with the rate increases because they believe that they are necessary for continuing with the quality of services that they offer.