Far EAST/ECSA introduces GRI and PSS

The Far East/East Coast of South America Forum held their regular meeting in Qingdao, PRC on 14th May, 2001.

During the meeting, the shipping organization confirmed to re-implement freight restoration for their members' services from all Asian nations to East Coast of South America, as follows:-

1) General Rate Restoration:
USD200 per 20' and UAD400 per 40' container effective 1st July, 2001

2) Peak Season Surcharge:
USD200 per 20' and UAD400 per 40' container, effective 1st August until 30th November, 2001

The Forum indicated that they have decided upon the freight restoration for the reason that, the member carriers are being forced to offer unreasonably low rates due to the fact that the 1st April freight rate restoration adopted at their previous session had not worked out effectively as the result of a global slump in freight movements.