Hanjin Shipping announces 2010 Trans-Atlantic rate recovery program

Hanjin Shipping announced a rate recovery program for the Trans-Atlantic trade in the year 2010.

The program, consisting of three quarterly rate restorations, will be applied to all shipments between North America, Northern Europe and the Mediterranean, both east and west bound. Details are as follows:

< 2010 Trans-Atlantic Rate Recovery Program > [Unit: USD]
April 1st, 2010 - 20"/USD 300, 40"/USD 400 (All types)
July 1st, 2010 - 20"/USD 300, 40"/USD 400 (All types)
October 1st, 2010 - 20"/USD 300, 40"/USD 400 (All types)

According to Hanjin Shipping, the Trans-Atlantic trade suffered severe losses in 2009 caused by massive drop offs in cargo volume, which has pushed freight rates to unreasonably low levels. While the trade is now showing signs of recovery in the form of improving volume figures, fuel and other operation costs are increasing as well.

Hanjin Shipping comments, “This rate recovery program is necessary for us as we must maintain the quality service and schedule reliability that our customers expect from us. We will continue to seek all possible measures that will bring mutual benefits for us and our customers during this time of crisis.”