General rate restoration on October 1st, 2003

Members Lines serving the trade from Asia to East Coast South America have made a detailed review of their business plan for 2003 and concluded that considering current market conditions, ocean freight rates should be further restored to ensure stable and efficient transportation services in the trade. As such, Members would like to announce the following general rate restoration (GRR) effective on and after October 1st, 2003 on B/L date basis:
FCL : USD 100/20’ Container and USD 300/40’ Container
LCL : USD 8/Revenue Ton
The Lines appreciate the customer’s continuous support for their services and also, they thank in advance client’s acceptance to October 1st GRR; which will enable lines to improve the service quality rendered by them by recovering partially the ocean freight rates heavily eroded and reduced since 2001.
The Forum Members are:
CMA-CGM, CSAV, COSCO, Evergreen, Hamburg Sud/Kine Hung Line, Maersk Sealand, MOL, NYK, P&O Nedlloyd, Safmarine Container Lines