Carriers summoned by China to curb transpacific mark-ups
A transport ministry notification seen by Lloyd’s List shows that a total of 14 container lines involved in transpacific trade were invited to attend a ‘consultation’ in Shanghai last Friday, aiming to ‘stabilise the international container shipping markets’. Sea-Intelligence expects more regulatory intervention from the US and European Union
Carriers were asked what measures they had taken to ‘curb the excessively fast mark-ups on China-US routes’, and to pass on the cost savings from the drop in oil prices and reduction of port fees. Cosco Shipping was said to have halted the September 15 general rate increase and scrapped scheduled blank sailings for October