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Article: Evergreen, container lines to raise US-Asia rates.(Shipping)
- Article from:
- Manila Bulletin
- Article date:
- November 7, 2009
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Evergreen Marine Corp., China Cosco Holdings Co. and eight other shipping companies agreed to raise rates for US-Asia shipments as they battle to reverse industry-wide losses.The group recommended increasing fees for shipping a 20-foot container from the ports of Los Angeles and Long Beach by $80 on Dec. 1, the Westbound Transpacific Stabilization Agreement said in a Nov. 3 statement. The rates at other west coast ports will rise by $120.Evergreen and China Cosco, Asia’s two biggest container lines, have slumped to losses this year as slowing world trade and increasing capacity squeezes rates. Container lines worldwide may lose at least $20 billion in 2009, according ...