The ship company issued three in a row! A new wave of price increases is coming!

2024-05-24 09:31

     May is the traditional off-season of the international shipping market, but since the end of April this year, the freight rate of Europe and the Americas has generally increased by double digits, and the freight rate of some routes has skyrocketed by nearly 50%, and the situation of "hard to find" has reappeared.
      CCTV Finance also reported on this phenomenon. Recently, a number of shipping companies issued a price increase letter, the rate of the main routes have been raised, and now, the freight rate of Asia to Latin America has soared from more than 2,000 US dollars per 40-foot container to 9,000 to 10,000 US dollars, and the freight rate of Europe, North America and other routes has almost doubled.

Freight rates for all routes have risen

According to data from the Shanghai Shipping Exchange, on May 17, the Shanghai export container freight index was reported at 2520.76, up 9.3% from the previous period and nearly 30% from April 26, achieving six consecutive weeks of growth and hitting the highest point since mid-September 2022 (nearly 20 months).

 Among them, last week, the West and East US routes rose significantly, 14.39% and 8.34% respectively, and the most ferocious increases were South America, South Africa and West Africa routes, with freight rates rising by 22.4%, 22.25% and 26.65% respectively.

The shipping company issued three price increase notices in a row!

On May 20, Maersk issued three price increase announcements in a row, as follows:

Impose a surcharge from East China Port to Sihanoukville Port in Cambodia during the peak season

From May 29, 2024, Maersk will impose a Peak Season Surcharge (PSS) on containers from East China Port to Sihanoukville, Cambodia, at a new rate of US$200 per container, applicable to all dry containers, reefer containers and 45ft containers.

Peak season surcharges are levied to many countries in Africa

Maersk will implement a new Peak Season Surcharge (PSS) that will take effect from 1 to 24 June. Applicable to all containers in China, Hong Kong, Indonesia, Japan, South Korea, Mongolia, Macau, Malaysia, Philippines, Singapore, Taiwan, Cambodia, Laos, Myanmar, Thailand, Vietnam, to Botswana, Comoros Islands, Lesotho, Madagascar, Mauritius, Malawi, Mozambique, Seychelles, Eswatini, South Africa, Zambia, Zimbabwe.

$1,000 for a 20ft container, $2,000 for a 40ft and 45ft container, and $1,000 for a 40ft dry-freezer. In addition, Vietnam and Taiwan, China, will be in force from July 1 to 24.

Peak season surcharges apply to many countries in the Middle East

From 1 June 2024, Maersk will increase the Peak Season Surcharge (PSS) for Brunei, China, Hong Kong, Vietnam, Indonesia, Japan, Cambodia, South Korea, Southern, Laos/Myanmar, Malaysia, Philippines, Singapore, Thailand, Timor-Leste, to the United Arab Emirates, Bahrain, Iraq, Jordan, Kuwait, Oman and Qatar.

$1,000 for a 20ft dry and reefer container and $1,250 for a 40ft dry and reefer container. In addition, Taiwan, China, will come into force on June 15.

Industry insiders believe that this round of freight rate increase is mainly affected by many factors.

First of all, the Red Sea crisis is still an important reason, due to the increase in sailing distance and cost due to detours, shipping companies have taken measures to suspend sailings in response to insufficient capacity, which has further increased freight rates.

In addition to this, container shortages, port congestion, and increased transportation demand due to the recovery of global demand have also had an impact on freight rates. Freight rates are expected to remain at high levels in the short term.

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