Shipping on the rise

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Monday, 24 August 2009

There have been significant rate increases for shipping lines in the transpacific trade, although shipping companies are convinced that rises will not last too long, Irish Trucker informs. Container trade analyst Drewry released figures detailing how in the second week of August, rates had gone up by 57.4% to $1,371 per 40ft container, although that is still 34.% down on rates for the same period last year.
John Lu, chairman of the Asian Shippers’ Council said: “It’s not a good time to do this [increasing rates], the economic situation is still quite bad and there’s substantial over capacity.”

Source: Transport Weekly