Containership lines belonging to the Transpacific Stabilization Agreement reaffirmed their intention to raise their freight rates on March 1 for U.S. imports from the Far East.
Meeting in Tokyo Wednesday, executives of the 13-member group also adopted a previously announced plan to extend the group's capacity management program for a second year, through March 1991.The program calls for member lines to hold an average of about 10 percent of their vessels' container capacity off the market in the eastbound trade
from Asia to North America.
The group noted, however, that this second-year capacity reduction, like the current year's pact, removes only unused capacity in excess of the projected market demand for cargo space.
"The carriers were enthusiastic in acknowledging the closer tie that has developed among them in the initial year of TSA's existence," the group said in a statement issued Thursday. "Already, the cooperative efforts within the TSA forum are credited with producing a beneficial stabilizing effect in the market place."
The principal liner conference serving the eastbound trans-Pacific trade, the Asia North America Eastbound Rate Agreement, last year announced plans to raise rates by $300 a 40-foot container early in 1990. The increase is to take effect March 1 for tariff rates and May 1 for service contract rates.
The Transpacific Stabilization Agreement's membership includes all eight members of the rate-making conference plus five leading independent carriers.