Cosco Container Lines announced a rate restoration for all shipments from the Far East to the Persian Gulf trade effective June 15. The RR will be US$300 per TEU (20-foot-equivalent unit).
The Far East includes China, Hong Kong, Taiwan, Macau, Philippines, Vietnam, Thailand, Malaysia, Singapore, Indonesia, Korea, Brunei, Cambodia, Myanmar, and Bangladesh.
The Persian Gulf encompasses Iran, Iraq, Kuwait, Saudi Arabia, Bahrain, Qatar, United Arab Emirates, and Oman.
Cosco likewise said it will adjust its Singapore origin documentation fee for all shipments from Singapore to the U.S., Canada, Panama, and Caribbean. To take effect from June 28, the new DOC will be SGD100 per bill of lading.
Similarly, Germany’s Hapag-Lloyd plans to increase rates from East Asia to the Arabian Gulf this month.
The carrier said freight rates for all cargoes and container types on the East Asia-Arabian Gulf lane will be hiked by $300 per TEU with effect from June 15. The price hike does not include Japan.
The Arabian Gulf covers the ports in the United Arab Emirates, Bahrain, Iraq, Kuwait, Oman, Qatar, and Saudi Arabia.
Meanwhile, Hong Kong’s Orient Overseas Container Line (OOCL) will lift prices for its Southeast Asia-Australia services. “Considering that current levels are unsustainable for the long term, we are announcing a rate restoration programme to restore freight rates to a more sustainable level,” a company statement said.
Effective July 1, freight rates from Southeast Asia to Australia will be increased by US$150 per TEU. Southeast Asia comprises Singapore, Malaysia, Thailand, Indonesia, Vietnam, Cambodia, Philippines, the Indian Subcontinent, and the Middle East.
A rate restoration program will also be implemented by OOCL on the Asia-Europe westbound traffic from July 1. The new rate is higher by $975 per TEU and covers shipments from the Far East (including Japan) to North Europe.
On the other hand, Mediterranean Shipping Co. (MSC) on May 27 said an overweight surcharge (OWS) will be applied to the Cheetah Service from any Asian port to South Africa and East Africa ports including Mozambique effective immediately.
The OWS is $150 per TEU of over 18 tons in payload.
The Geneva-based carrier also said that, “considering the continuous market rate deterioration,” it will revise its general rate increase to be applied to all cargo (excluding Japan and Bangladesh) to North Europe, UK, Scandinavia, and Baltic effective July 1.
The GRI will be revised to $1,000 per TEU.
MSC also plans a GRI of $300 per TEU on all cargo from any Asian port to South Africa, East Africa, and Mozambique ports from July 1.
Additionally, there will be rate hikes on cargo from the Far East to West Africa, including Angola, effective July 1. The rate hikes are $250 per TEU and $500 per 40-foot-equivalent unit.
MSC’s Capricorn Service will likewise be affected by a GRI on July 1. The $150 per TEU rate boost will be levied on cargo from Southeast Asia—covering Malaysia, Singapore, Indonesia, Thailand, and Vietnam—to Australia.
Photo: Ron Cogswell