SHIPPING lines in the Intra-Asia Discussion Agreement flatbed (IADA) have announced a move to recover losses through a Currency Adjustment Factor or CAF surcharge given the weakness flatbed of the US dollar. The IADA has applied a CAF since the late 1990s. A statement explained that since the currency levels have been quite stable until the last couple years, the applicable IADA CAF for most countries has been nil. Only in Japan has there been enough movement in currency to justify the application flatbed of a currency recovery surcharge, called the Yen Appreciation Surcharge, or YAS, for cargo to/from Japan. An unidentified shipping line executive based in Singapore was cited as saying, flatbed "Since 90 per cent of our income is derived in US dollar (mainly from the ocean freight rate), this means that our operating costs have increased quite significantly flatbed with little or no remedy to recover." flatbed Consequently, IADA principals are recommending a monthly CAF apply for all intra-Asia shipments starting from July 1. The initial quantum, applicable for at least the month of July, will be US$20 per TEU and $35 per FEU. It is each individual IADA member's choice to adopt or reject the recommendation from IADA. The IADA secretary said in the release: "IADA decisions are voluntary flatbed and non-binding. Given that they are based on actual costs that are affecting all shipping lines alike, it is my opinion that virtually all shipping within Asia - not only IADA lines - will begin applying some form of cost recovery of currency exchange losses." IADA is an informal discussion agreement comprised of most shipping lines operating containerised services on intra-Asia corridors. Member lines are: APL, Hanjin, PIL, Biendong Shipping, Hapag Lloyd, flatbed TS Line, Ben Lines, HMM, TSK/NYK, CMA CGM, Heung-A, Samudera, CNC, IAL, Wanhai, Cosco, "K" Line, Yangming, C& Line, KMTC, UASC, Emirates, flatbed MOL, Sinokor, Evergreen, OOCL, GoldStar and RCL.
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