MEMBER container shipping lines of the Transpacific Stabilisation Agreement (TSA) will levy a rate hike of US$300 per FEU on March 15 with another expected on May 1, both of which follow the January 15 increase of $300 per FEU.

Strong forward bookings suggest that the rate hike introduced on January 15 will hold through the important Lunar New Year period, a TSA statement said.

The announcement comes as transpacific cargo demand has posted steady growth coming off a healthy holiday season, and container lines serving the Asia-US trade lane say the gains are so far reflected in freight rates.

"Carriers have left a lot of money on the table in this market as partially successful increases have been eroded over time," said TSA executive administrator Brian Conrad.

"There is now a growing sense that pent-up demand, depleted retail and business inventories, and a greater overall sense of economic security are converging in 2014. Lines are determined not to miss that opportunity."

At the same time, TSA also announced its 12-month revenue and cost recovery programme for 2014-15 contracts, which recommends increases to contract rates of $300 per FEU from 2013-14 levels for US west coast cargo and $400 per FEU for all other cargo.

"Simply rolling over last year's contract rates - let alone reducing the rates, as some shippers have requested - is just not workable," Mr Conrad said, reiterating that no major transpacific carrier operated profitably in the trade in 2012 or 2013.

"The goal is a meaningful net increase, with full cost recovery for fuel, chassis, free time and other costs, irrespective of supply/demand or other considerations," he said.

TSA members are APL, "K" Line, CSCL, Maersk, CMA CGM, MSC, Cosco, NYK, Evergreen, OOCL, Hanjin, Yangming, Hapag-Lloyd, Zim and Hyundai.