Shipping lines to discuss rates, bunker charges

The growing reputation of Dubai as an international conference centre has attracted 16 of the world's largest shipowners, who will gather here on November 15 to discuss cargo issues relating to the Far East-Gulf trade.
A series of freight rate increases is likely.
The group, known as the Informal Rate Agreement, comprises APL, Cosco Container Lines, Hyundai Merchant Marine, Islamic Republic of Iran Shipping Lines, Maersk Sealand, NYK Line, Orient Overseas Container Line, P&O Nedlloyd, Pacific International Lines, Senator Lines, United Arab Shipping Co, Uniglory Marine Corp, Wan Hai Lines, Wallenius Wilhelmsen, Yangming Marine Transport Corp and Mitsui OSK Line (associate member).
"IRA will focus its attention on the need to ensure that the requirements of their customers are fully met and that freight rates are increased to a level at which lines could justify the heavy capital investment in trade," Chairman Harry Barham said.
He said the group will adopt a series of rate increases next year rather than attempt to impose the full increase in one step.
Bunker charges will also be kept under close review and adjusted when necessary, Barham said.
Members operate 75 containerships and expect to carry almost 500,000 TEUs this year from the Far East to the Gulf.