Shipping rates could double on furniture from Asia; Container firms seek to recoup revenues

25th September 2009 | logistics | The cost of bringing Asian made furniture to the UK could rise with a number of shipping firms thought to be contemplating rate hikes on European routes.

Prices have plunged in the past year following falling demand and a subsequent price war. But laid up vessels and cancelled routes have squeezed capacity and companies are set to raise prices again.

14 firms are already known to have put their names to a voluntary code agreeing to increase rates on routes to the US from Asia, and Europe looks to be next in line for the price hikes.