Sea Star Line announced Wednesday it is implementing a 3.5 percent general rate increase effective April on shipments between U.S. maritime ports and Puerto Rico. Sea Star Line cited escalating operational costs as the main driver for the increase, and is the second maritime cargo company to announce an increase in the last week.
“Sea Star Line remains committed to the Puerto Rico trade and needs to implement rate increases and other activities that help to ensure continued profitability. This will position Sea Star Line to continue to reinvest in the Puerto Rico trade,” said Mike Nicholson, vice president of strategic planning and yield analysis.
Last Friday, Horizon announced its own plans to increase rates, effective the same date.
Sea Star reinvested $4 million in its vessels, terminals, equipment fleet and technology in 2010 and $24.8 million in 2009. Sea Star Line has a long history of reinvesting in the trade, having reinvested $125.3 million since 2004.