More carriers implement war risk surcharges

Container carriers implement charges on ships sailing through the Gulf of Oman and Persian Gulf.

More carriers implement war risk surcharges

Container carriers implement charges on ships sailing through the Gulf of Oman and Persian Gulf.

More carriers implement war risk surcharges

Container carriers implement charges on ships sailing through the Gulf of Oman and Persian Gulf.

 

   More shipping lines are implementing war risk surcharges because of recent attacks on oil tankers in the Gulf of Oman.
   Four tankers were attacked on May 12 and two on June 13.
   This week Maersk and Hapag-Lloyd announced a $42-per-TEU surcharge and Mediterranean Shipping Company a $40-per-TEU charge, while CMA CGM and APL are charging $38 per TEU.
    The Federal Maritime Commission said it also has had notices from Ocean Network Express, Wan Hai and Hoegh Autoliners of their intent to implement surcharges.

    The area where the surcharges apply and the implementation dates vary from line to line and also depend on the country of the shipper. The U.S. Federal Maritime Commission, for example, generally requires carriers to give 30 days of notice before increasing rates. Most carriers are implementing the surcharges on ships traveling through the Gulf of Oman, Strait of Hormuz and Persian Gulf (called the Arabian Gulf by some carriers).
      Maersk noted that it has seen “a notable impact on our cost base for our shipping and logistic activities” in the region.
       Steven Weiss, a senior vice president and chief underwriting officer at Roanoke Insurance Group, noted that insurance rates for tankers going into the Persian Gulf have increased substantially from about $25,000 per trip to $185,000 per trip.
      He did not know how much insurance costs are going up for containerships, but said that it makes sense that container carriers also are seeing substantial increases in shipping costs.
    Ports in the region include major transshipment hubs in addition to smaller ports used for local imports and exports. For example, Dubai is the ninth-largest container port in the world.

There’s a lot more accidents out there happening as a result of the lack of infrastructure investment in this country.

The FBX, a global container freight index measuring spot rates on major global trades, had an overall reading of $1,342 per FEU as of June 14, down 1.5% from a week prior, but up 3.4% from a year prior.

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More carriers implement war risk surcharges

Container carriers implement charges on ships sailing through the Gulf of Oman and Persian Gulf.

Jul 05, 2019 on Dec 27, 2018AmericanShipper.com

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More carriers implement war risk surcharges

Container carriers implement charges on ships sailing through the Gulf of Oman and Persian Gulf.

Jul 05, 2019 on Dec 27, 2018AmericanShipper.com