APL lifts freight rates in Asia-Europe trade

Singapore, February 19, 2009 - Container shipping leader APL is moving to implement a rate increase in the Asia-Europe trade.

Eastbound, for traffic from Europe to Asia, effective March 15, 2009 the quantum of the increase will be up to US$175 per container for paper and scrap commodities and US$100 per container for all other commodities.

The quantum of the freight rate increase sought on containers shipped from Asia to Europe on the westbound leg is US$250 per TEU, with implementation effective April 1, 2009.

APL Vice President Asia-Europe Trade, Mr Detlev Kerber said, “Freight rates in this trade have been falling drastically for more than a year. We are meanwhile facing a situation where in many cases not even variable transportation costs are covered by current freight rates. Our intention is to restore freight rates in the Asia-Europe trade to a sustainable level.”