YSC enforces minimum rates in Korea / China trade

The Yellow Sea Liners' Committee (YSC) will begin the minimum rates in the trade between Korea and China after mid May.

YSC, a council among shipping companies operating in Korea-China trade routes, announced its application for a minimum rates system preferential to two Chinese ports, Tianjin and Qingdao. "Because rates have hit rock bottom, not even maintaining regular liner services, many shipping lines may cut corners becoming careless while handling cargoes, resulting in damaged good and losses for shippers. Forwarders may also take a beating under the current rates," it explained. YSC said the minimum rates system will start for all vessels entering to load on or after May 15. The minimum rates were adjusted lower than the levels enforced in September 1999, considering the current market, and will be revised up in three or four months, YSC added.

This minimum rates system will expand to services bound for Shanghai, Dalian, and Ningbo trades within one or two months.