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Multiple container lines have planned general rate increases in various trade routes in June and July, although any gains achieved could be temporary as overcapacity and sluggish global demand continue.
The worldwide container ship fleet grew 6 percent in 2013, fueled by growth in the post-Panamax segment in particular ahead of the opening of the expanded Panama Canal in early 2016, according to Danish Ship Finance’s latest Shipping Market Review report. The global post-Panamax fleet grew 15 percent in 2013, and is expected to grow another 15 percent this year, the report said.
Shipping lines in their global operations have lost billions of dollars in four of the past five years because of overcapacity fostered by a rash of orders for new, large container ships. Although only four carriers in the world today have ships of 18,000 TEUs or larger either in operation or on order, more container lines may join the mega-ship club in the future as they seek to remain cost-competitive.
Asia-Europe
CMA CGM has plans to implement a general rate increase of $400 per TEU on shipments from Asia to northern European ports, beginning June 1.
Trans-Atlantic
Starting July 1, Maersk intends to raise rates on shipments between Europe and North America:
- From the Mediterranean to the U.S. and Canada, the increase will be $150 per 20-foot container and $200 per 40-foot container.
- From North Europe to the U.S., the hike will be $350 per 20-foot container and $500 per 40-foot container, and from North Europe to Canada, the increase will be $200 per 20-foot container and $300 per 40-foot container.
- From the U.S. East Coast to the Mediterranean, the hike will be $75 per 20-foot container and $100 per 40-foot container, and from the U.S. Gulf and West Coast to the Mediterranean, the increase will be $150 per 20-foot container and $200 per 40-foot container.
- From the U.S. to North Europe, the increase will be $100 per 20-foot container and $200 per 40-foot container.
Intra-Asia
CMA CGM hopes to increase rates on cargo in three intra-Asia routes, beginning June 1:
- From Asia to Jeddah, Saudi Arabia; Ain Sukhna, Egypt; Aqaba, Jordan; Djibouti; Port Sudan; and Aden and Hodeidah, Yemen, the hike will be $300 per TEU.
- From Asia to the Persian Gulf, the increase will be $300 per TEU.
- From Asia, excluding Japan, to Sri Lanka, Pakistan and West India, the hike will be $150 per 20-foot container and $200 per 40-foot container.
Asia-Africa
Effective June 1, CMA CGM has scheduled a rate hike of $150 per TEU on shipments from the United Arab Emirates to Zanzibar, Tanzania.
Asia-Latin America
Maersk aims to boost rates in its trade from the Far East to South America’s east coast by $750 per 20-foot and $1,500 per 40-foot and 45-foot container, effective June 15.
Similarly, Cosco Container Lines plans to increase rates on shipments from the Far East to South America’s east coast, beginning June 15. The increase will be $750 per 20-foot container and $1,500 per 40-foot and 40-foot high-cube container.
Australasia-Related Trade
Maersk plans to increase rates on cargo from the U.S. to New Zealand and Australia by $250 per 20-foot container and $500 per 40-foot container, effective July 1.
On the same date, CMA CGM intends to hike rates on its trade from Asia to New Zealand:
- From North Asia, including Japan, South Korea, China, Taiwan and Hong Kong, the increase will be $250 per TEU.
- From Southeast Asia, including Singapore, Indonesia, Malaysia, Thailand, Vietnam and the Philippines, the hike will be $150 per TEU.
The Journal of Commerce
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