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Mediterranean Shipping announced it will increase all freight rates on its eastbound service from Asia to the U.S. and Canada on March 15, according to the Journal of Commerce.

The second-largest container line became the first major carrier to boost rates in that trade in the wake of the Feb. 9 rate increase recommendation by the Transpacific Stabilisation Agreement.

MSC said the general rate increase “is in response to the ever increasing bunker price and in order to further recover losses made in 2011 and is therefore of utmost importance to us.”

MSC said the rate increase would be USD$240 per 20-foot equivalent container unit, $300 per 40-foot equivalent unit and $338 per high-cube container.

MSC’s rate rise will apply to all cargo shipped from all ports of origin in Asia and the Far East to all US and Canadian destinations.

The rate hikes are in line with the $300 per FEU recommended for that date by the Transpacific Stabilisation Agreement.

Source: Journal of Commercer

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