The Shanghai Shipping Exchange’s Shanghai Containerized Freight Index surged 36.7 percent since last week’s reading to a reading of 752.65, with rates on the Shanghai to Northwest Europe trade jumping 77.4 percent to $1,206 per TEU.
The shipper advocacy group said some carriers and other service providers to the shipping industry appear to be exploiting the new new verified gross mass rule by imposing exorbitant and unjustified charges for ‘administration fees’ and other ‘services.’
An American Shipper poll of shippers and forwarders revealed that nearly 90 percent believe at least some cargo will be delayed by the verified gross mass rule that went into effect globally today.
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A sense of what the container shipping industry may look like a year from now has started to emerge as ocean carriers seek to avoid a financial wreck from overcapacity and low freight rates.
A combination of businesses between United Arab Shipping Co., which is jointly owned by the governments of six wealthy Middle Eastern nations, and Hapag-Lloyd of Germany has "strategic value," and talks will continue, the ocean carrier said in a statement.
The company plans to accept the weights that clients provide as certified, but if clients are not able to provide the certified weight, it will weigh the cargo on their behalf.