Maersk Sets Two Price Hikes for First Quarter

Maersk Line said it will raise ocean freight rates from the Middle East and the Indian sub-continent to northern Europe and the Mediterranean twice during the first quarter of 2011.

The Danish carrier announced a general rate increase of $200 per 20-foot container and $400 per 40-foot and reefer container effective Feb. 1.

This will be followed by an increase of $250 per 20-foot container and $500 for 40-foot and reefer containers on March 1.

Maersk said freight rates on the Middle East-Europe trade have "eroded significantly" during the past two months and the rate increases are necessary "in order to maintain the service levels that our customers are accustomed to."
(Source:www.joc.com)