TACA lines hike rates

TACA lines hike rates

The Trans-Atlantic Conference Agreement said it is raising rates by $400 per 20-foot container and $500 per 40- and 45-foot container as of Oct. 1. Rates for other freight will increase by $25 by weight and measure.

"The westbound leg of the trans-Atlantic trade continues to be the head haul sector of the market and TACA volumes for the first half of 2003 show growth in excess of 6 percent relative to the same period in 2002," the lines said in a statement. "Vessel utilization has been high, along with a heavy demand for space. It is expected that, generally, these current trade characteristics will continue for some time."

The group said that "the need for revenue improvement remains compelling, if the service quality demanded is to be maintained."

At the same time, TACA indicated that it expected to hold the increased rates through March 31, 2004.

Lines in TACA are Atlantic Container Line AB; Nippon Yusen Kaisha; Hapag Lloyd Container Linie GmbH; Orient Overseas Container Line Ltd.; Mediterranean Shipping Co. SA; P&O Nedlloyd Ltd., and A.P. Moller-Maersk Sealand.