COSCO sets rate hike for cargo moving from Asia to Europe

   Chinese liner carrier COSCO has announced a general rate increase of $475 per TEU for all shipments from Far East (excluding Japan) and the India and Pakistan region to Northwest Europe and the Mediterranean (including Israel, Lebanon, Syria, North Africa and West Africa Region), effective April 15.
   COSCO also said it will increase rates on April 15 for shipments from the Far East to the Red Sea and Persian Gulf by $300 per TEU and from the Far East to the Indian Subcontinent by $200 per TEU.
   COSCO’s rate increase follows an announcement on Monday by Hapag-Lloyd for two $500 increases on the Asia-Europe trade, the first on April 15 and the second on May 13.
   The announced rate hikes follow sharp increases last week in the Shanghai Container Freight Index (SCFI) for exports from China to Europe. The overall SCFI rose 13.1 percent last week to 1,231.31, while the index for cargo moving to Europe was up a whopping 42.4 percent to 1,423 and to the Mediterranean, 42.3 percent to 1,366. – Chris Dupin