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APL said it plans to hike refrigerated container rates globally by $1,500 on Jan. 7.
"Rates are currently at
unsustainable levels, and we face the challenge of escalating
operational costs, which show no signs of abating," the Singapore-based carrier said.
APL's action follows similar decisions to hike reefer rates by other carriers, including Maersk.
Container business was hampered by overcapacity caused by the delivery of ultra-large containerships, depreciation of the euro and an economic slump in Europe, according to ocean carrier NYK.
A tie-up between Singapore's Neptune Orient Lines, parent of liner company APL, and CMA CGM of France would combine the third and thirteen largest container carriers worldwide.
Stock in both Canadian Pacific Railway Ltd. and Norfolk Southern Corp. shot up yesterday amid rumors the second-largest Class I railroad in Canada is mulling a potential takeover of NS.