Rate Restoration plan for China/Korea route

Yellow Sea Liners Committee under Korea Shipowner’s Association revealed March 14th on rate restoration plan in the China/Korea trade, taking effect April 1.

Since the inauguration of liner service between China and Korea, it has made a contribution to promote the trade between two countries by providing the trade with a lot more vessels, expansion of port coverage and also with a increased frequency.

However, ocean freight rates in the China/Korea trade routes have been brought down to the level which cannot cover ever operation costs.

Accordingly, the full container shipping liners serving China/Korea/China routes wish to advise all customers that they are to implement US$50 per TEU increase on top of the current rate for the cargoes Eastbound and Westbound all together between Chinese ports ( Dalian, Ningbo, Qingdao, Shanghai and Xingang) and Korean ports ( Kwangyang, Masan, Pusan and Ulsan) as of April 1, 2002. It also noticed that there will be absolute minimum rates which must be kept by following carriers.

The member carriers as follows;
China Shipping Container Lines
CK Line Shipping Co. Ltd
Co-Heung Shipping Co., Ltd
COSCO Container Lines
CQH Line
CSC Line
DDCL
Dongnama Shipping Co, Ltd
Dongyoung Shipping Co, Ltd
EAS Datong International Shipping
Hanjin Shipping Co, Ltd
Hansung Shipping Co, Ltd
Heung-A Shipping Co, Ltd
Hyundai Merchant Marine Co. Ltd
Korea Marine Transport Co., Ltd
Namsung Shipping Co, Ltd
NBOS Line
New Orient Lines
Pan Continental Shipping Co, Ltd
Pan Ocean Shipping Co., Ltd
Sinokor Merchant Marine Co., Ltd
Sinotrans Container Lines
Tianjin Marine Shipping Company