Hapag-Lloyd said it will increase freight rates on cargo moving from the Far East to North Europe and the Mediterranean by $1,000 per TEU on July 9.
The rate increase is substantial when compared to current spot rates, as measured by the Shanghai Container Freight Index, which stood at $1,183 per TEU to North Europe and $1,761 per TEU to the Mediterranean on June 6. The index is created by polling 15 carriers and 17 shippers and forwarders on what they say the current freight rate is from Shanghai to different parts of the world.
Also, COSCO has announced a general rate increase for dry and reefer cargo moving from the Far East and Indian Subcontinent to all USA and Canadian destinations from July 1.
The increases are $240 for 20-foot containers, $300 for 40-foot containers, $338 for 40-foot high cube containers, and $380 for 45-foot containers to the West Coast. For all intermodal cargo via U.S. West Coast ports and Canadian Ports destined to points other than those in the states of California, Oregon and Washington, and all cargo moving via all-water to U.S. East Coast and Gulf ports, and for all intermodal cargo, the hikes are $300, $400, $450 and $506, respectively.