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Wednesday, January 24, 2018

Rate Increase News

Maersk Increase Transatlantic Container Rates

Maersk Line announce that they find it necessary to implement general rate increases from the base rate. The new container freight rates will be effective 1, April 2013 as follows: US to Northern Europe General Rate Increase: USD 200/300/300/300 per 20′/40′ standard/40′ high cube/45′ high cube dry Northern Europe to East and Gulf Coast of US General Rate Increase: USD 200/300/300/300 per 20′/40′ standard/40′ high cube/45′ high cube dry Northern Europe to West Coast of US General Rate Increase: USD 400/500/500/500 per 20′/40′ standard/40′ high cube/45′ high cube dry Maersk Line adds that the increase is a necessary measure to meet service requirements.  

Matson to Increase 2004 Westbound Hawaii Service Rates

Matson Navigation Company, Inc. announced today that it will raise its rates for the company's Hawaii service by $125 per westbound container and $60 per eastbound container, effective January 11, 2004. The increase will be filed with the Surface Transportation Board. In addition, the company will increase its terminal handling charge by $25 per westbound container and $15 per eastbound container, also effective January 11, 2004."This rate increase will help offset rises in contractual operating costs and support a number of investments in our Hawaii service that will deliver value and provide the state with modern, reliable ocean transportation services in the future," said James Andrasick, Matson president and CEO.

Commodity Rate Restoration, Europe to Asia

Unsustainable rates and improved demand lead to rate increases effective 1 March and 1 April 2009. The General Rate Increase will be $25 per TEU thus totaling $50 per TEU. During the Q4 2008, the industry has experienced declining freight rates in the Europe to Asia trade, a trend that has continued into 2009. In addition, hereto, there are now indicators that demand is increasing due to amongst others the weak Sterling and Euro. As a result of increasing costs associated with the growing demand and to ensure sustainable freight rates, Maersk Line will enact a commodity rate increases for export cargo from Europe to Asia.

General Rate Increases, Transatlantic Trade

Since rates are at an unsustainable level in the transatlantic trade, Maersk Line announced a general rate increase effective 1 September 2009. The company said the rate increase is necessary to continue to operate its services with the same level of reliability. The filed increase is as follows: •    $400 per 20 ft container •    $500 per 40 ft/high cube/45 ft container The increases apply equally to all Eastbound and Westbound cargo moving between the US & Canada and Northern Europe.

Maersk Line to Up Container Freght Rates

Photo courtesy of Maersk Line

Maersk Line has informed customers of a new rate increases to take effect from 1, November 2013. The rate increases will apply to the route from the Far East, excluding Japan, to Northern Europe and the Mediterranean. According to Maritime Denmark, in order to continue offering its broad portfolio of services and high level of reliability, it will be necessary for Maersk to implement a number of rate increases / rate re-directions the company informed its customers, asking for their understanding. If an additional increase should prove necessary, it will be announced by 30 September.

Maersk New Service and General Rate Increase

Maersk announced a new service between East Med and Central Europe via the Adriatic Sea called Adriatic Levant Express or ALEX. Maersk is deploying two vessels on the new service to offer a solution to the East Mediterranean reefer market with departures from Alexandria (Egypt) and Ashdod (Israel) to Central Europe. ALEX will phase in from Ashdod, 18 November 2009. The rotation will be Alexandria (Egypt), Ashdod (Israel), Koper (Slovenia), Ravenna (Italy), Piraeus (Greece), Limassol (Cyprus), and Alexandria (Egypt). Maersk Line also announced a general rate increase effective 15 November 2009 in the South Asia/Middle East to Europe trade.

Maersk Hikes Rates on Two Trade Routes

Maersk Line has announced it will implement container General Rate Increases on its Transatlantic & Asia/US routes as follows: With effect from July 1, 2013, the Transatlantic trade between North Europe and North America  will be increased by US$200 per dry container. Maersk Line will also implement a General Rate Increase for the Middle East, India & Pakistan to United States and Canada trade lane with an effective date of July 3, 2013. Rate increase amounts are as follow for all dry cargo:     •    USD 300 per 20′     •    USD 400 per 40′ standard     •    USD 450 per 40’ highcube     •    USD 505 per 45’ The scope of the increase applies to all dry cargo from the Middle East, India & Pakistan regions to the United States and Virgin Islands(US) and Canada.  

Horizon Announces General Rate Increase for Hawaii Cargo

Horizon Lines, LLC announced that it will file a General Rate Increase with the Surface Transportation Board to raise its ocean freight rates for the company's Hawaii service effective January 2, 2006. The amount of increase to be filed varies depending on a number of factors, including rate basis of the ocean freight and the direction and mode of transport.

Transpacific Container Shipping Rate Soars

The Drewry Hong Kong-Los Angeles container rate benchmark, soared by 17.5% to US$2,452 per 40ft container this week. Last week’s Drewry transpacific price benchmark dated 1st August increased by just $71 per 40ft container from levels in the previous week, but it has now become clear that the rate increase was deferred by most carriers. “We said last week that one factor in the price changes was that carriers are staggering the implementation of this month’s GRI [General Rate Increase],” explained Martin Dixon, Drewry’s research manager for freight rate benchmarking. The latest $500 price increase ($429 this week and $71 last week) propelled spot freight rates from Hong Kong to Los Angeles to their highest level this year. This week’s $2,452 rate is 89% higher than this time last year.

Container Index Shows Large Hike in Asia-to-Europe Rates

London - Today’s Shanghai-to-Rotterdam container freight rate assessment from the World Container Index (WCI), a joint venture between Drewry and The Cleartrade Exchange, shows that container freight rates in the westbound Asia-Europe corridor increased by 28 percent this week, adding upwards pricing pressure on shippers only one month after the previous large rate increases. The World Container Index’s Shanghai-Rotterdam container freight rate sub-index went from $2,654 per 40-foot container on March 29 to $3,408 per 40-foot container on April 5, a rise of $754 per feu. Carriers in the key Asia-Europe head haul trade had announced General Rate Increases (GRIs) of about $400 per teu (or $800 per 40-foot container) from April 1.

Global Shipping in Doldrums

Photo: Maersk Line

Wells Fargo Securities says that headwinds face global shipping industry and the continued overcapacity means freight rate gains are less likely to stick. "Given the continued overcapacity headwinds and easing containerized trade demand, we believe these freight rate gains are less likely to stick, and we expect rates to remain under pressure as we approach the slack winter season, particularly following a muted peak season," says a report from Wells Fargo Securities, written by Michael Webber that appeared in the Forbes.

St. Lawrence Seaway Tolls to Rise 2%

The St. Lawrence Seaway Management Corporation (SLSMC) announced a toll rate increase of 2 percent for the 2017 navigation season.  

Maersk Raises Rates on Far East to Europe Route

Maersk Line would like to announce rate increases on our services from the to .  The trading conditions for the carriers operating in these markets are still subject to unacceptable rate levels and the situation is unsustainable in the longer term. The rate increases are necessary to continue to operate our services with the high level of reliability our customers have come to expect from Maersk Line. to the and : - USD 300 per TEU effective - USD 150 per TEU effective from 1 August until (Peak Season Surcharge) The increases apply to all cargo and commodities, including reefers and special equipment.  

APL Intra-Asia Freight Rate Increase

Container shipping line APL announced plans for a general rate increase in the Intra Asia trade.  The proposed increases will affect all trade from the Far East to India and Pakistan. The rises will be $100 per 20 ft container and $200 per 40-ft container and are effective 1 March 2010. APL said operating conditions in the Intra-Asia trade remained highly challenging, with freight rates at unsustainably low levels. The rate increases are, therefore, essential for APL to sustain its comprehensive service offering in the trade and to ensure the high level of reliability that customers demand from the carrier. (www.apl.com)

Container Shippers Seek Rate Hikes

A group of container-shipping companies will reportedly seek rate increases of between 10 and 15 percent next year on cargo traveling to the United States from Asia. The group, the Transpacific Stabilization Agreement, represents 14 container-shipping companies that handle goods ranging from clothes to electronics, toys and home furnishings. Cargo in the trade, of which the group handles more than 70 percent, has been valued at more than $200 billion a year. The rate increases are scheduled to go into effect May 1, 2000. The Oakland, Calif.-based Transpacific Stabilization Agreement represents major shipping lines including A.P. Moller-Maersk Line, Evergreen Marine Corp.

Rates, N America to Mediterranean, N Africa

The general rate increase on the North America to Mediterranean and  North Africa trade which Maersk Line previously announced for 15 June  2009 will now be effective 1 July 2009. Maersk Line has delayed the increase to coincide with the change in Bunker  Adjustment Factor (BAF), also scheduled for 1 July 2009. By combining the rate increase and the BAF into a single event, Maersk Line will simplify tariff and contract maintenance, reducing complexity for customers. The new amounts of the BAF surcharge will be communicated separately. This increase is also a reflection of market developments that have created equipment shortages in some regions and delays onshore, as well as the tightening of available ocean capacity.

Rate Restoration by SCI on Europe Trade

SCI Logo

  To continue to operate the Services with high level of  reliability, proficiency and meet expectations of the Customers, The  Shipping  Corporation of  India  Ltd., announces Rate Restoration on its Indian Subcontinent to Europe Services viz. ISE and IPAK Service  w.e.f. 9th February,   2015.          The Freight rate increase will be @ US$ 300 / TEU, USD600/FEU w.e.f.  9th February, 2015 .  The rate increase will be applicable for the shipments from  Indian Sub-continent to Europe, Mediterranean, Black Sea  & Red Sea trade route.

Horizon Lines 1Q Profit Rises

Horizon Lines Inc., which operates a fleet of containerships and a logistics business, said Thursday its first-quarter profit rose sharply, boosted by a tax gain and rate increases that helped offset weaker freight volumes. Quarterly earnings increased to $7.1 million, or 21 cents per share, from $2.4 million, or 7 cents per share during the same period last year. Excluding tax-related gains from both periods, the company earned $4.5 million, or 13 cents per share in the latest quarter, and $3.6 million, or 11 cents per share a year ago. Revenue fell modestly to $273.7 million from $274.9 million. Analysts expected revenue of $286.2 million.

Hapag-Lloyd Reports Second Quarter Profits

Hapag-Lloyd returned to profitability in the second quarter of the current financial year, reporting a Group profit of €20.9 million for the months April to June 2013 (Q2 2012: -€7.3 million). The operating result of €66.7 million was more than twice as high as last year’s figure of €30.8 million. EBITDA also improved significantly by 45% to €147.8 million. Although intense competition led to unsatisfactory rate levels, substantial cost cuts and a slight drop in the bunker consumption price were the main factors behind the positive net result. Bunker costs in the second quarter averaged $622/tonne, which was below last year’s figure ($694/tonne). However, the bunker price is currently still more than three times the level seen at the start of 2009, when it was approximately $200/tonne.

Mediterranean Shipping Co. Rate Increase

Mediterranean Shipping Company (MSC) will file a General Rate Increase (GRI) of $160 per 20 ft container and $200 per 40 ft unit on all cargo moving from Europe to the USA. The company will also file a GRI of $200 per 20 ft unit and $250 per 40 ft unit applicable to freight moving from  Italy, Spain and Portugal (Western Mediterranean service)  to the USA, all coasts. These new rate increases go into effect April 1, 2009. Mediterranean Shipping Company is a privately-owned company based in Geneva, Switzerland. As of early January 2009, MSC was operating 419 container vessels with an intake capacity of 1,460,000 TEU's. 

SeaBird Awarded Source Vessel Contract

SeaBird Exploration Limited (BVI) has contracted a source vessel to be named to Petroleum Geo-Services (PGS). SeaBird will acquire and convert a vessel for the contract that starts in January 2007. The vessel will be prepared for 2D seismic work, and PGS has the option to work the vessel in the 2D market against a rate increase. PGS will then provide the seismic equipment. The contract is for six months with two six-month options. The value of the firm period of the contract as a source vessel is approximately $9m with a slight rate increase for the optional periods. SeaBird will carry out the full seismic and marine operations.

Sea Star Line Announces Rate Increases

Sea Star Line announced that it is implementing a general rate increase, effective April 1, 2012. The general rate increase of 3.5 percent  increase will be administered on shipments between U.S. ports and Puerto Rico. Sea Star Line cited escalating operational costs as the main driver for the increase. “Sea Star Line remains committed to the Puerto Rico trade and needs to implement rate increases and other activities to help to ensure continued profitability. This will position Sea Star Line to continue to reinvest in the Puerto Rico trade,” said Mike Nicholson, vice president of Strategic Planning & Yield Analysis. Effective March 5, 2012, a new chassis program is effective for shipments moving to and from the Northeast United States (NY/NJ/PHL Region).

Maersk Line General Rate Increase

Maersk Line announced that unsustainable rates and continued improved demand led to rate increases effective 1 May 2009. The filed increases are as follows on eastbound services from Northern Europe, North Africa and Mediterranean to the Middle East and South Asia: - USD 100 per 20' dry container - USD 200 per 40' dry container The increase applies equally to all cargo and commodities, excluding reefers.

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