Maersk Line planning freight rate hike on Asia-Europe route

Maersk Line to reduce cadet intakes from UK, South Africa 
PHOTO CREDIT: Maersk

 

The world’s largest container shipping company, Maersk Line, plans to raise spot freight rates sharply on main routes from ports in Asia to ports in northern Europe with effect from Nov. 1, the company said on Tuesday.

Spot rates for twenty foot equivalent unit containers (TEU) will rise by $1,000, Maersk Line wrote in a letter to customers.

The planned price hike corresponds to a 429 percent increase from current levels if implemented successfully.

Container rates typically rise in big jumps announced by the shipping companies before gradually easing back over time.

According to the Shanghai Containerized Freight Index, twenty foot rates from Asia to Europe stood at $233 last week, which is widely seen as a loss-making level.



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