MSC joins push to increase Far East-Europe rates

   The liner carrier Mediterranean Shipping Co. said on March 1 it will implement $750-per-TEU in surcharges on cargo moving between many countries in Asia and Europe.
   The carrier said it will impose an “emergency rate restoration” surcharge of $225 per TEU and an “emergency bunker surcharge” of $525 per TEU on cargo originating in Japan, Korea, China, Hong Kong, Taiwan, Singapore, Indonesia, Thailand, Vietnam, Malaysia and Bangladesh that is destined for Europe and the Mediterranean region, including northwest Europe, United Kingdom, Scandinavia, Baltic, west and east Mediterranean, Adriatic, Black Sea and North Africa.
   MSC is the latest of several carriers seeking to nearly double freight rates on the world’s biggest container trade lane. Maersk Line, Hanjin, Hapag-Lloyd, and CMA CGM are all planning sharp increases.
   The surcharges are about equal to what the Shanghai Shipping Exchange estimates current spot freight rates are on the trade.
   The Shanghai Containerized Freight Index measures current freight rates on 15 routes out of Shanghai on a weekly basis. The index, which measures the “all in” spot rate, is set by a panel of 30 shipping executives, split equally between carriers and freight forwarders.
   On Feb. 3, the rate for the Shanghai-North Europe route was estimated to be $723 per TEU, down $14 from a week earlier. The rate for the Shanghai-Mediterranean route was set at $775 per TEU, down $4 per TEU from a week earlier. — Chris Dupin