Home » Breaking News, Maritime » Hapag-Lloyd to impose freight rate hike on Far East-Europe corridor in May

Germany’s Hapag-Lloyd announced a rate increase of US$400 per 20-foot equivalent unit (TEU) on the Far East westbound trade effective May 1.

The Hamburg-based ocean carrier said the rate hike is intended to allow the company to provide its customers with “sustainable services” in the Far East trade.

The freight rate revision applies to shipments from East Asia (excluding Japan) to all North Europe and Mediterranean (excluding South and West Africa) destinations, the company said in a March 29 statement.

East Asia comprises Japan, Korea, Taiwan, Hong Kong, China, Macao, Singapore, Malaysia, Indonesia, Thailand, Philippines, Laos, Cambodia, Vietnam, Brunei, Myanmar, Papua New Guinea, and the Russian Pacific ports of Vladivostok and Vostochny.

North Europe comprises the Northwest continent, U.K., Scandinavia, Baltic, and the European ports of Russia, while the Mediterranean comprises the West Mediterranean, East Mediterranean, Black Sea, and North Africa.

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