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APL said it plans to hike refrigerated container rates globally by $1,500 on Jan. 7.
"Rates are currently at
unsustainable levels, and we face the challenge of escalating
operational costs, which show no signs of abating," the Singapore-based carrier said.
APL's action follows similar decisions to hike reefer rates by other carriers, including Maersk.
Stock in both Canadian Pacific Railway Ltd. and Norfolk Southern Corp. shot up yesterday amid rumors the second-largest Class I railroad in Canada is mulling a potential takeover of NS.
A tie-up between Singapore's Neptune Orient Lines, parent of liner company APL, and CMA CGM of France would combine the third and thirteen largest container carriers worldwide.
Christopher Koch, senior advisor to the World Shipping Council, says container shipping faces a cost-control crusade and “green storm” of environmental regulations.
Consumers continue to migrate to mobile devices to make purchases, with mobile devices accounting for 36 percent of Black Friday sales, according to Custora, a company that provides predictive analytics for e-commerce.
Net income at the Israeli ocean carrier improved vastly compared to loss of $63 million in the third quarter of 2014 despite a 12 percent year-over-year reduction in total revenues.
Rates from Shanghai to Northwest Europe and the Mediterranean skyrocketed, while rates to the United States inched up slightly from last week.