Doubled CSCL rates reported

CHINA’S second-biggest box carrier China Shipping Container Lines will almost double Asia/Europe rates next month.

The increase up to $650 per teu took place as demand in the market remains weak, Bloomberg noted today.

Rates are traditionally raised on July 1, which is the start of the busy season for box carriers.

“This peak season is going to be very short,” CSCL's chairman Li Shaode was reported as saying.

The slump was tied to retailers reducing orders as consumer spending remains low. This means that China Shipping is expected to report a full-year loss, estimated at about 2.4Bn yuan ($351M).

(Source: Fariplay)CHINA’S second-biggest box carrier China Shipping Container Lines will almost double Asia/Europe rates next month.