Shipping companies hike freight rates on Asia-Europe route
08 Oct 2012
Shipping lines plying on the Asia-Europe route have proposed increases in spot freight rates between October and January 2013, while the United Arab Shipping Company has already raised freights from 1 October, reports quoting shipping industry sources said.
Danish shipping giant Maersk Line, Hong Kong's Overseas Orient Container Line and the United Arab Shipping Company have announced hikes in freight rates amidst sluggish business on the Asia-Europe route.
The United Arab Shipping Company has already levied a rate increase on cargo from the western Mediterranean and the Adriatic to the Indian subcontinent and the Arabian Gulf and Iran ranging from $200 per container to $500 per TEU on all shipments.
The line will further increase freight rates on services from Southeast Asia, India and the Middle East to Australia by $200 per TEU from 15 October. The increase will cover cargo from Singapore, Malaysia, Thailand, Indonesia, Vietnam, Cambodia, the Philippines, the Indian subcontinent and the Middle East to Australia.
Maersk Line has proposed an across-the-board increase in its container service network from 15 October, in addition to cargo demurrage at St Petersburg.
Maersk, a market leader in refer fleet, will also increase reefer rates by 30 per cent to an average $1,500 per FEU from 1 January 2013, sources said.
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