Container carriers are revising upward planned increases in freight rates from the Far East to Europe.
Maersk announced on Sept. 17 a general rate increase of $600 per TEU beginning next month. The carrier has now revised that GRI increase to $950 per TEU, effective Nov. 1.
Maersk’s revised GRI will apply to all cargo moving from all Far East Asian origins to all North European and Mediterranean destinations, with the exception of Japan. The increase to Syria will be 730 euro per TEU.
The company said this week it “continues to face unsustainable market rates.”
Maersk explained “the rapid decline of rates in the past few weeks has made it apparent that the previously announced increase of $600 per TEU will be insufficient to run the service at financially viable levels.”
Hapag-Lloyd said it will also implement a GRI of $1,000 per TEU starting Nov. 1. The increase will apply to all cargoes and all container types on the Far East westbound trade from East Asia (excluding Japan) to all North Europe
and Mediterranean (West Mediterranean, East Mediterranean, Black Sea and
North Africa) destinations.
The German liner said it had increased the planned GRI “due to new cost analysis and in order to ensure longer term profitability and to be able to undertake the necessary investment into our services.”
On Aug. 29, Hapag Lloyd announced it planned to increase rates by $500 per TEU on Sept. 23.
Carriers seek additional rate hikes for Asia-Europe
