South Korean shipping companies will raise their rates from May in a bid to protect their profits from higher crude oil prices, following a hike in March, reported Maeil Business Newspaper. Korea's major shipping companies Hyundai Merchant Marine and Hanjin Shipping decided to raise their rate on the Asia-America lane, effective May 1, according to industry sources.
The two shippers are to raise their rates by US$400 per 20-feet container and $500 per 40-feet container.
Earlier on March 15, the two raised fees on the same route by $240 per 20-feet container and $300 per 40-feet container.
Earlier, global shipping companies hiked their rate on services between Asia and Europe. Maersk Line, the world's biggest container shipping company, is moving to take rate increases on Asia to Europe lanes by $400 from April 1 after a $775 increase in pricing effective March 1
The vessel fuel price has recently surged to $740 from $500 early last year and the rate increase would help many shipping firms get out of losses, an industry official said.
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