Hanjin Shipping said it is raising freight rates on four trade lanes from various parts of Asia to Europe and the Mediterranean as of Sept. 1.
The South Korean shipping line said the “rate restoration” is part of the company’s plan to “improve the deteriorated profitability caused by the unsustainable rates in the major trades.” The move follows similar increases across trade lanes worldwide by CMA CGM, Maersk, Hapag-Lloyd, OOCL, Evergreen and others.
Hanjin said it is making “company-wide efforts to reduce costs.” The company’s net loss in the second quarter deepened to $341.1 million after a loss of $226.6 million in the first quarter.
The rate increases apply to all types of containers, including dry, reefer and special, as follows:
From the Far East and South Asia, the increases are $300 per 20-foot container, and $600 per 40-foot container.
From Japan to North Europe, the rates will go up $300 per TEU, and $600 per FEU.
The rates under the India, Pakistan, Bangladesh, Ceylon Conferences from Australia to North Europe and the Mediterranean will go up $150 per TEU and $300 per FEU.
The rates from the Middle East to North Europe and the Mediterranean will go up $100 per TEU and $200 per FEU.
The Journal of Commerce Online
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