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Maersk Line hikes LatAm rates

Maersk Line is increasing rates on its Latin American routes in the faces of increasing operating costs.

Maersk says fuel costs have risen 250% in the last five years
The rate increases come in the face of higher fuel, steel, terminal and container costs following losses in the last two quarters, it said.
Maersk says the goal is to improve financial returns on key shipping routes, boost profitability and safeguard the continuity of service levels on its existing routes.
“Over the last five years, fuel prices have risen 250%, whilst Maersk’s rates have dropped more than 10% across Latin America,” it said.
“The shipping industry as a whole is losing money as returns have lagged the cost of capital for five years,” said Maersk Line Latin America chief executive Robbert Jan Van Trooijen.
“Previously, we followed the downward market trend on rates to regain lost market share, but today we are happy with our position and see Latin America as a growth opportunity.”
“To achieve this, our prices must reflect the current environment of higher fuel, container and terminal costs.”
“Our core goal is to ensure that clients continue to enjoy the same quality of reliable services, but the business model must make financial sense to us too.”
“By increasing rates, we are looking to strengthen existing routes and ensure a healthier basis for our continued investment in the region.”
Latin America represents 14% of Maersk’s total container volumes and Maersk Line has a 15% market share in the region.
Maersk says it is investing $2bn between 2011 and 2013 on sixteen 7,500-teu South America Max (SAMMAX) containerships for the region.