COSCO Adds Peak Surcharge

9/21/2009 10:18:55 AM

China Ocean Shipping Co. announced a peak season surcharge of $400 per 40-foot container and $320 per 20-foot container on all cargo moving from the Far East and Indian subcontinent to the U.S. The surcharge, effective immediately, is to run until April 30, 2010.   With freight rates in the eastbound Pacific having reached record lows this summer, a number of carriers have attempted to stop the decline by announcing general rate increases and peak season surcharges.   The carrier actions appear to have had some impact, at least for shipments handled by non-vessel operating common carriers. According to Drewry Shipping Consultants, the NVO spot rate from Hong Kong to Los Angeles plunged below $1,000 per-FEU this summer, but since the carrier announcements, the weekly spot rate jumped to about $1,400 per-FEU in August and has remained there into September.   The Journal of Commerce Online

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