Sara members apply increase

PUBLISHED : Friday, 03 April, 1998, 12:00am
UPDATED : Friday, 03 April, 1998, 12:00am

Eight members of the South-East Asia Rate Agreement (Sara) have announced a rate restoration of US$100 per teu (20 ft equivalent unit) in Hong Kong, China (with the exception of Guangdong) and South Asia trade from June 1.

The lines - APL, Maersk, Mistui, Nippon Yusen Kaisha, Pakistan National Shipping Corp, P&O Nedlloyd, Sea-Land and United Arab Shipping Co - said the restoration was to meet rising operating costs and weakening freight rates.