Hanjin Shipping has announced in a statement a rate recovery programme for Trans-Atlantic trade during 2010, consisting of three quarterly rate restorations, applied to all eastbound and westbound shipments between North America, northern Europe and the Mediterranean.
The move is a result of the severe losses suffered on Trans-Atlantic trade lines in 2009, Hanjin said, caused by the 'massive drop' in cargo volume that 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 operational costs are increasing as well.
'This rate recovery programme is necessary for us as we must maintain the quality service and schedule reliability that our customers expect from us,' the group said. 'We will continue to seek all possible measures that will bring mutual benefits for us and our customers during this time of crisis.'
The rate restoration programme is as follows:
- 1 April 2010 - US$300 per 20ft container, US$400 per 40ft container
- 1 July 2010 - US$300 per 20ft container, US$400 per 40ft container
- 1 October 2010 - US$300 per 20ft container, US$400 per 40ft container.