March 20, 2014 / 6:35 AM / 4 years ago

Transpacific container shippers agree early rise in freight rates

COPENHAGEN, March 20 (Reuters) - Container shipping lines have agreed to raise Asia-U.S. freight rates by $300 per 40-foot container (FEU) from April 15 instead of May 1 in an effort to offset rate erosion seen in February and early March, their organisation TSA said.

TSA executive administrator Brian Conrad said the slide misrepresented conditions in the Asia-U.S. freight market.

“The downward rate pressures we are seeing do not reflect the steadily improving cargo picture eastbound from Asia,” he said in a statement.

Reporting by Ole Mikkelsen; Editing by John Stonestreet

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