Shipping

Shipping: AP Moeller Maersk, and 14 other shipping co.s (including NOL) agreed to seek rate increases of US$400 per 40-foot box on Asia-US west coast routes nxt yr. Asia-US shipping volumes surged in past two quarters and may rise from 6% to 9% nxt yr as the economic pick-up stokes US demand for Chinese goods. Maersk commented that costs were expected to rise for labour and associated costs. The appreciation of Asian currencies has also hit shipping lines that charge rates in USD.