Home » Customs & Trade » IRA implements rate restoration program

THE Informal Rate Agreement (IRA) member lines covering trades from the Far East to destinations in the Middle East are implementing a rate restoration program effective July 1, 2008.

Effective that date, all rates will increase by US$200/20′ and US$400/40′ for all Far East exports other than Japan.

The rate increase for CNF and FOB will be applied on top of ongoing market rates and for all equipment types to the Middle East. All ancillary charge applicable at time of shipment, including a fully floating bunker component, will be assessed on top of quoted ocean freight rates, according to IRA.

Export areas affected by the rate increase includes Korea, China, Hong Kong, Taiwan, the Philippines, Vietnam, Thailand, Malaysia, Singapore and Indonesia. Destinations in the Middle East covered under IRA includes United Arab Emirates, ports on the East Coast of Saudi Arabia, Bahrain, Qatar, Kuwait, Iraq, Iran and Oman.

IRA member lines are APL, CMA, CGM & ANL, COSCO, CSAV Norasia Liner Services, Evergreen, Hapag-Lloyd, Hyundai Merchant Marine, Islamic Republic of Iran Shipping Line, Maersk Line, MOL, NYK, OOCL, Pacific International Lines, Tokyo Senpaku Kaisha, United Arab Shipping Co, Wan Hai Lines and Yangming Transport.

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