Maybe they should call it the Piracy Adjustment Factor?
Shippers, you know about BAFs, bunker adjustment factors, and CAFs, currency adjustment factors; now brace yourself for the latest surcharge: the 'Aden Gulf Surcharge.'
CMA CGM, noting the risks faced by container ships transiting through the Gulf of Aden because of piracy, said it will begin at the first of the year to implement a surcharge of $23 per TEU on all containers crossing the area at any point in the voyage.
The French carrier said the surcharge comes in addition to any rate agreement, short term or long term, already concluded with customers or to be concluded. The charge is necessary, CMA CGM said, because of additional high costs due to increased insurance premiums and other costs.
CMA CGM said it has taken all steps to ensure security of its vessels sailing through the Gulf of Aden. The vessels will cross the gulf at increased speeds and, when available, participate in convoys protected by coalition warships.