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Rising costs force Asian rate hikes.
(From Lloyds List)
Byline: Janet Porter
THE Europe-Asia trades are poised for another bumper year in 2005 after an exceptionally strong 2004 both eastbound and westbound.
With demand so resilient, and costs also rising, members of the Far Eastern Freight Conference are proposing to raise freight rates on both corridors, with shippers of wastepaper and plastic scrap to Asia facing monthly price reviews during the course of 2005.
In its business plan published Friday, the FEFC said eastbound trade volumes had grown 17% in the first seven months of the year, with westbound volumes soaring by 18%.
Similar levels of growth are anticipated for next year.
But while revenues are rising on the back of record traffic levels, costs are also moving sharply upwards, with ship charter rates now some 50% higher than a year ago for both mainline and feeder vessels.
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