Rates increase in Korea / China trade

Shipping companies operating in Korea / China trades introduced rates recovery in a bid to escape from management difficulties.

"In the wake of global depression and cargo flow stagnation between Korea and China, sea freight rates in the trade fell to below a third of the rates in the early 1990's. This has created serious hardships for shipping companies," said the Yellow Sea Liners' Committee.

As a result, shipping companies finally decided to raise rates in some of the better inbound trades where there are few empty containers.

Member companies of the Yellow Sea Liners' Committee said they would introduce a 50 dollar per TEU increase to the current rates for cargoes bound from Tianjin and Qingdao from this 1st December.

The Yellow Sea Liners' Committee also said that it would enforce surveillance on the minimum rates operation through the levying of fines and severe inspections by the Neutral Body.
The committee asserted that eastbound rates increases are minimal and solely geared toward survival.