General Rate Increases expected in July

The Journal of Commece reports multiple container lines are planning general rate increases in various trade routes to take effect in July, although any gains achieved could be temporary as overcapacity and sluggish global demand continue. Read on to learn how trade routes are affected geographically.

Asia-Europe

OOCL aims to raise rates on westbound cargo from the Far East to North Europe, the Mediterranean and Black Sea by $650 per TEU, starting July 1.

On the same date, Maersk Line plans to increase rates on its trade from Japan to Europe, excluding Syria, by $250 per 20-foot container and $500 per 40-foot and 45-foot container. From Japan to Syria, the hike will be €175 per 20-foot container and €350 per 40-foot and 45-foot container.

Hapag-Lloyd has scheduled a rate increase of $1,000 per TEU on westbound cargo from the Far East to North Europe and the Mediterranean, effective July 9.

Trans-Atlantic

Beginning July 1, Cosco Container Lines intends to raise rates on eastbound shipments from the Far East and Indian subcontinent to the U.S. and Canada:

For shipments to the U.S. West Coast and intermodal cargo via these points to California, Oregon and Washington, as well as Vancouver and Prince Rupert, British Columbia, the increase will be $240 per 20-foot container, $300 per 40-foot container, $338 per 40-foot high-cube container and $380 per 45-foot container.

For shipments to the U.S. East and Gulf Coasts and intermodal cargo via U.S. West Coast and Canadian ports destined to points other than those in California, Oregon and Washington, the hike will be $320 per 20-foot container, $400 per 40-foot container, $450 per 40-foot high-cube container and $506 per 45-foot container.
Asia-Australia

Maersk hopes to boost rates on shipments from the Far East to Australia, beginning July 1. The increase will be $300 per 20-foot container and $600 per 40-foot container.

Asia-Latin America

Starting July 1, Cosco hopes to raise rates on its trade from the Far East and Indian subcontinent to Panama, Venezuela, Colombia, Costa Rica, Jamaica and Cuba by $700 per 20-foot container and $1,000 per 40-foot and 40-foot high-cube container.

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