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Published August 19, 2005
Box lines to levy surcharge on Asia routes Rising fuel costs, multiple inland charges cited as reasons
(SINGAPORE) Twelve container shipping lines, including Neptune Orient Lines and Royal P&O Nedlloyd, plan to start imposing surcharge on containers they move to Asia for the first time to recover some of the rising costs from customers.
The 12-member Westbound Transpacific Stabilisation Agreement will levy surcharge starting from Oct 1 as fuel prices in the US has risen 23 per cent this year, the group said in a statement yesterday. The fee will be adjusted every quarter, it said.
'Ocean carriers have been on the receiving end of multiple inland charges as diesel prices have gone up,' the group's executive director Albert Pierce said in the statement. 'That's not a sustainable situation; a portion of the burden must be shared by the customer base.'
Rising investments in China, India and other Asian countries to make cars, vessels and other products have increased demand for raw material from the US and other regions. Costs on the Asia-US route are likely to rise at least 10 per cent as ports raise prices to cope with port delays, the shipping group said in September last year. About 80 per cent of global trade is carried by sea.
The decision comes after another liner group, the 13-member Transpacific Stabilisation Agreement, on Aug 15 started imposing a surcharge of US$137 on each container that move on land by trucks and railroads. They also charge US$40 a container for moving cargo on trucks within California, Oregon and Washington.
Rising fuel prices and port fees are causing profit declines in shipping lines like NOL, Kawasaki Kisen Kaisha and Hanjin Shipping for the quarter ended June, and offsetting increased demand for shipments.
The surcharge will be adjusted every quarter to reflect the movement of the national highway diesel fuel prices posted by the US Department of Energy. Diesel price has risen about 23 per cent this year to US$2.41 a gallon. Crude oil prices in New York surged to a record $67.10 a barrel on Aug. 12.
Other members of the group include Cosco Container Lines, Evergreen Marine Corp, Hanjin Shipping, Hapag-Lloyd AG, Hyundai Merchant Marine, Kawasaki Kisen, Nippon Yusen Kaisha, Orient Overseas Container Lines and Yang Ming Marine Transport Corp and China Shipping Group Co. - Bloomberg