Maersk Line lowers Asia-Europe freight rates from August 1

[COPENHAGEN] Maersk Line, the world's largest container shipping company, told its clients on Tuesday it will set the maximum freight rate from Far East Asia to Europe at US$1,250 per 20-foot container (TEU) as of August 1, down by US$200 from the previous month's comparable rate.

The set rate, which applies to all kinds of freight, will not necessarily go through as the shipper is often forced to accept far lower rates because there are too many vessels available to ship goods.

The lower rate comes after Maersk Line and 13 other competitors agreed with EU antitrust regulators to make their pricing practices more transparent.

Last week data from the Shanghai Containerized Freight Index showed rates for transporting containers from ports in Asia to Northern Europe had fallen 17 per cent to US$776 per TEU.

REUTERS