Maersk Line said it will go ahead with a previously announced general rate increase on all container cargoes shipped across the North Atlantic in the fourth quarter.
From October 1 shippers will pay the Danish carrier an extra $250 for a 20-foot dry container, $350 more for a 40-foot box and an additional $500 for a 40-foot reefer container for cargo moving in both directions between the U.S. and northern Europe.
Rates will rise by $250 per TEU and $350 per FEU and reefer boxes moving to and from Canada and North Europe.
Cargo moving from the U.S. and Canada to the Mediterranean will rise by $200 per container.
The rate for cargo moving westbound from the Mediterranean to the U.S. and Canada will rise by $200 per container on Oct. 15.
By The Numbers: North America - Europe Eastbound Container Trade.
Maersk, the world’s largest ocean carrier, said the Atlantic market has stabilized so far in 2010, “but despite such partial rate recovery, the current market rates continue to be unsatisfactory.”
The Copenhagen-based carrier said it costs more to source containers at a time of general equipment shortage while maintaining high levels of reliability.
“Therefore we continue to see the need to proceed with our already announced rate increases for the fourth quarter,” the carrier said.
The rate hikes come on top of increases of $400 per TEU and $500 per FEU and reefer container that took effect on July 1.
Maersk’s trans-Atlantic traffic grew 4 percent in the second quarter from a year ago, trailing an 8 percent rise on the Asia-Europe trade and 11 percent growth on the trans-Pacific.
Maersk last week revealed its average freight rate, including bunker surcharges, jumped 31 percent in the first half to $2,986 per FEU from $2,288 a year ago. Rates rose 43 percent year-on-year in the second quarter.
But rates remain below 2008 levels and will fall back in the fourth quarter after peak season surcharges are removed, Nils Andersen, CEO of Maersk parent A.P. Moller-Maersk said.
Maersk said it will announce its 2011 full-year program in the fourth quarter to allow customers to plan their shipments “with full understanding of the expected rate levels.”
-- Contact Bruce Barnard at firstname.lastname@example.org.