APL moving to lift freight rates in Asia-Europe trade

Singapore, 19 February 2009 - Container shipping leader APL is moving to implement a rate increase in the Asia-Europe trade.

Eastbound, for traffic from Europe to Asia, effective 15 March 2009 the quantum of the increase will be up to US$175 per container for paper and scrap commodities and US$100 per container for all other commodities.

The quantum of the freight rate increase sought on containers shipped from Asia to Europe on the westbound leg is US$250 per TEU, with implementation effective 1 April 2009.

APL Vice President Asia-Europe Trade, Mr Detlev Kerber said: “Freight rates in this trade have been falling drastically for more than a year. We are meanwhile facing a situation where in many cases not even variable transportation costs are covered by current freight rates. Our intention is to restore freight rates in the Asia-Europe trade to a sustainable level.”

About APL
APL is a global container shipping business offering more than 60 weekly services with over 500 calls at more than 140 ports worldwide. It combines world-class intermodal operations with leading-edge IT and e-commerce. APL is a unit of Singapore-based Neptune Orient Lines (NOL), a global shipping, logistics and marine terminals company. APL Web site: www.apl.com

Media Enquiries:
David Goodwin
Telephone: (65) 6371 5022
david_goodwin@nol.com.sg