Atlantic Container Rates To Soar

Starting next year, the price to ship a container across the Atlantic ocean is to soar, as container shipping lines on the Atlantic will be seeking hefty rate increases s next year. Rates for 20 foot containers heading westbound to U.S. Atlantic, Gulf and Pacific ports would rise by $600 from January 1, 2000, carriers in the Trans-Atlantic Conference Agreement (TACA) said. For 40 and 45 ft units the increase would be $750, they said. Eastbound rates from Atlantic and Gulf ports would rise by $160 per 20 ft container and $200 for the larger units, and by $240 and $300 from Pacific ports. The increases reflected a continuing inadequate return on capital deployed in providing Atlantic shipping services, the carriers said. TACA comprises Atlantic Container Line AB (ACL), Hapag-Lloyd Container Line GmbH, Mediterranean Shipping Co. SA, A.P.Moeller-Maersk Line, Nippon Yusen Kaisha, Orient Overseas Container Line (U.K.) Ltd., P&O Nedlloyd Ltd. and Sea-Land Service Inc.