Far East/Middle East Trade Rate Restoration on 15 September 2000

Arising from a recent, the Member Lines of the Informal Rate Agreement
(IRA) have agreed to implement a rate restoration with effect from 15
September 2000. Member Lines will restore freight rates by USD 100/20
0 per 20'/40' container for all shipments from Korea to the Middle E
st. This rate restoration is part of an on-going programme to increase
freight rates to more acceptable levels.
IRA Members took this decision against a background of rates still rem
aining too low to support the investment being made in the Trade. The
economic indicators in Asia and the Middle East are increasingly posit
ive and trade volumes are expected to be buoyant, culminating in a tra
ditional surge in liftings during the later half of the year. The Line
s are fully confident that customers will support this rate restoratio
n which is absolutely necessary for Lines to continue meeting the high
standard of service required of them.
The IRA Member Lines are APL, COSCO Container Lines, Hyundai Merchant
Marine, Islamic Republic of Iran Shipping Lines, Maersk Sealand, MOL,
NYK, OOCL, Pacific International Lines, P&O Nedlloyd, Senator Lines, U
niglory Marine, UASC, Wallenius Wilhelmsen, Wan HAi Lines.