SOUTH KOREA's Hyundai Merchant Marine (HMM), the world's 14th largest carrier, recently announced that it will withdraw the reefer service from the US east coast to Asia effective January 1.

HMM said in a statement to its customers that such decision was predicated on "prevailing non-compensatory rate levels from the east coast and longer roundtrip voyages which translate to higher costs for HMM," reported London's Containerisation International.

 Facing thin margins of running reefer business, Maersk Line, the world's largest carrier, announced earlier that it will raise reefer rates by US$1,500 per FEU from January 1 and stop investing in new reefer equipment in 2013.

(Source:world maritime news)