SHIPPING firms are raising cargo rates 25 per cent with truckers raising rates 30 per cent as they invoke survival amid continuing losses on high fuel cost, reports the Manila Bulletin.
philippine Liner Shipping Association president Mark Parco declared since they are a deregulated industry, their members have started raising rates after notifying their principals or customers.
'This is a matter of survival,' said Mr Parco.
Mr Parco noted that fuel cost used to account for 30 to 40 per cent of operating cost but has gone up to 50 per cent as prices increased to US$120 per barrel recently.
'This will protect our members from volatility,' said Mr Parco.
Mr Parco declared that shipping firms did not increase their rates for the past two years as the government appealed to them to hold their rates hikes.
SeaNews Turkey
philippine Liner Shipping Association president Mark Parco declared since they are a deregulated industry, their members have started raising rates after notifying their principals or customers.
'This is a matter of survival,' said Mr Parco.
Mr Parco noted that fuel cost used to account for 30 to 40 per cent of operating cost but has gone up to 50 per cent as prices increased to US$120 per barrel recently.
'This will protect our members from volatility,' said Mr Parco.
Mr Parco declared that shipping firms did not increase their rates for the past two years as the government appealed to them to hold their rates hikes.
SeaNews Turkey
