December 17, 2009 - #245
Transpacific Stabilization Agreement Members Seek Rate Hikes
The Journal of Commerce (JOC) online reports that on December 16, 2009, the Transpacific Stabilization Agreement (TSA) ocean carrier members announced they will seek an emergency revenue program in an attempt to increase freight rates.
According to the article, the program is "designed to reverse the trend of declining freight rates that will result in ocean carriers losing an estimated $20 billion in their global operations in 2009."
The program proposes rate increases of $320 per 20-foot container, $400 per 40-foot container, $450 per high-cube container, and $505 per 45-foot container.
In addition, the TSA plans to amend an agreement currently on file with the Federal Maritime Commission (FMC) to allow its members to discuss various environmental initiatives in efforts to reduce operating costs and diesel emissions.
The proposed rate increases, if approved, would become effective on January 15, 2009.
The full text of the article can be accessed online at:
http://www.joc.com/node/415310
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