COSCO to increase US-Asia cargo rates

China COSCO Holdings Co and nine other shipping firms are planning to increase rates for hauling containers to Asia from the US in a bid to stem losses on transpacific routes.

The new rates are expected to be effective from April 1 this year and are part of the Westbound Transpacific Stabilization Agreement (WTSA). Under the plan, dry cargo rates would go up by $300 per 40-foot container (FEU) and by $240 per 20-foot container (TEU).

Refrigerated cargo rates would be increased by $300 per FEU and $240 per TEU for US West Coast cargo, and by $500 per FEU and $400 per TEU for cargo from the US East and Gulf coasts.