Maersk ups freight rates in move to stem downturn

The company has announced general rate increases in its Asia-Mediterranean trade and intra-European Mediterranean services.
Maersk Line said it would impose a US$250 per teu increase, effective from June 1, on westbound services from Asia to the Mediterranean.
The increase would cover the east and west Mediterranean, Black Sea, North Africa and the Adriatic, the company said.
A spokesman said the US$250 per teu increase would be on top of the already announced plans to lift rates from Asia to European and Mediterranean main ports by a recommended US$300 per teu on July 1.
In the intra-Euromed services, Maersk Line said southbound services from northern Europe to north Africa, east and west Mediterranean would be increased by €75 (US$99.60) per teu from May 15.
In defending the rate increases, Maersk said the trading conditions for carriers operating in these markets were “still subject to unacceptable rate levels” and the situation was “unsustainable” in the longer term.
“The rate increases are necessary to continue to operate our services with the high level of reliability our customers have come to expect from Maersk Line,” it said.
The rate increases applied to all cargo and commodities, including reefers and special equipment, Maersk Line said. The spokesman would not comment on the success of Maersk’s previous efforts to raise rates or on the amount of tonnage it has laid up, citing reporting restrictions imposed its imminent trading update.