The Westbound Transpacific Stabilization Agreement (WTSA), a group of 13 ocean carriers, announced rate hikes on U.S.-Asia refrigerated cargo due to various market forces, such as an imbalance in the westbound Pacific reefer trade as well as increasing costs for purchasing and maintaining reefer equipment. Effective March 1, rates will go up $300 per 40-foot container and $240 per 20-foot container. The 13 members of the WTSA function as a discussion group with no enforcement powers.

According to the WTSA, China has increased its dominant position in the westbound freight market, accounting for well over one-third of U.S.-Asia trade last year. Meanwhile, throughout Asia discretionary consumer items such as tobacco and cigarettes; household appliances; refrigerated meat, vegetables and seafood; beverages; and canned and frozen foods, all are showing signs of improvement. Marked increases in tire shipments appear to reflect soaring car sales in the region, while dried and refrigerated fruits and nuts also continue to do well.