AWRA MRA agrees on rates restoration

Following a long period of decline, overall cargo volumes in the Westbound trade have begun to recover and Lines have seen a market growth of around 4％ during the first quarter of 2002. As a result, vessel utilization is now at a high level and Lines are expecting this trend to continue and increase into the peak season.
However, although there has been a recent modest increase in Conference tariff rates, the levels are still below those required to return Lines to profitability and to maintain the quality service that customers have come to expect.
Further to the announcement made on 22nd January, Member Lines of the AWRA and MRA therefore wish to inform their customers that as part of the FEFC Business Plan announced on 8th November 2001, they will implement a Rate Restoration of USD 250 per TEU on 1st July 2002. In addition to this, the tariff applicable to Nordic areas will be further increased by USD 50 per TEU over the above restoration quantum.
Lines have also considered the matter of High Cube Containers and the associated problems of slots lost during the carriage of such equipment. To this effect Lines will amend the High Cube Additional USD 200 per container also on 1st July 2002

APL Co Pre Ltd
CMA CGM SA
Egyptian International Shipping Company (SAE)
Hapag-Lloyd Container Linie GmbH
Hyundai Merchant Marine Co Ltd
Kawasaki Kinsen Kaisha Limited ('K' Line)
Maersk Sealand
Malaysia International Shipping Corpn Bhd
Mutsui O.S.K. Lines Limeted Nippon Yusen Kaisha
Orient Overseas Container Line
P&O Nedlloyd Ltd
Yangming Marine Transport Corporation