Box Rates Set to Rocket

Container shipping company Maersk Line, a unit of Danish conglomerate A.P. Moller-Maersk, plans to raise freight rates sharply on main routes from ports in Asia to ports in northern Europe, with effect from Nov 1. Rates for twenty foot equivalent unit containers (TEU) will rise by $900, Maersk Line spokesman said after the company sent a letter to clients. According to the Shanghai Containerized Freight Index, twenty foot rates from Asia to Europe stood at $705 this week and it is widely seen as a loss-making level. French CMA CGM, announced its intention to increase freight rates on routes from Asia to North European ports by $850 per TEU.

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