AADA to hike rates
15 Mar 2009
Source:CI-Online

Members of the Asia Australia Discussion Agreement (AADA), which covers the trade between East Asia and Australia, are planning to raise rates from April 15, 2009.

The rate restoration of USD250/TEU will cover all dry freight and refrigerated cargoes exported out of South Korea, China, Taiwan and Hong Kong to all ports and points in Australia.

The AADA is claiming that the rate rise is necessary to push prices up to levels where the costs of providing service is covered and where investment in the future can be justified. While the tradelane has seen some easing in its growth prospects, the demand trajectory was still up in the final part of 2008/early 2009.

The members of AADA comprise: ANL, China Shipping Container Lines, COSCON, Gold Star Line, Hamburg Sud, Hanjin Shipping, Hyundai Merchant Marine, K Line, MSC, MOL, NYK Line, OOCL and Zim.