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Maersk Line said it intends to raise rates on shipments between the Mediterranean and North America, beginning July 1.
From the Mediterranean, excluding Syria, to the U.S. and Canada, the increase will be $150 per 20-foot container and $200 per 40-foot and 45-foot container. From Syria, the hike will be $115 per 20-foot container and $150 per 40-foot and 45-foot container.
Container cargo from the Mediterranean to the U.S. jumped 31 percent from February to March to 89,495 TEUs, according to PIERS, the data division of JOC Group. Although much of the gain was due to normal seasonality, exporters are said to have become worried about the P3 Network alliance restructuring currently taking shape, so many have started shipping goods ahead of feared freight rate increases to come, according to Drewry Maritime Research’s latest Container Insight Weekly report.
From March to April, Mediterranean-to-U.S. container traffic rose 4 percent to 93,042 TEUs, and year-to-date, volume was 329,800 TEUs, up 13 percent year-over-year, according to PIERS.
As a result of volume increases, utilization levels of all vessels sailing from the Mediterranean to North America shot up from 59 percent in February to 71 percent in March, and probably beyond in April and May, although it was not enough to improve westbound freight rates, according to Drewry.
The average all-in freight rate quoted to forwarders for spot cargo from Genoa, Italy, to New York remained around $1,950 per 40-foot container between January and March, and then fell to $1,840 per 40-foot container in April, according to Drewry’s Container Freight Rate Insight.
U.S.-to-Mediterranean
Maersk also announced that it aims to raise rates in the opposite direction on shipments from the U.S. to the Mediterranean, starting July 1:
- From the East Coast to the Mediterranean, excluding Syria, the increase will be $75 per 20-foot container and $100 per 40-foot and 45-foot container, and from the U.S. East Coast to Syria, the hike will be $60 per 20-foot container and $80 per 40-foot and 45-foot container.
- From the U.S. Gulf and West Coast to the Mediterranean, excluding Syria, the increase will be $150 per 20-foot container and $200 per 40-foot and 45-foot container. From the U.S. Gulf and West Coast to Syria the increase will be $115 per 20-foot container and $150 per 40-foot and 45-foot container.
Container cargo from the U.S.to the Mediterranean rose 3 percent from January to February to 55,187 TEUs, but has fallen since then through April. From February to March, container traffic was down 3 percent to 53,564 TEUs, and from March to April, volume dropped 1 percent to 52,945 TEUs. However, from January to April, container volume was 215,498 TEUs, up 3 percent year-over-year. The Journal of Commerce
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