Cosco announced a rate hike

Coscon has announced a rate hike from August 1 on containers moving from Asia to the United States, and is also imposing a mainland-Taiwan bunker surcharge from July 19, the Shipping Gazette reported.

Cosco Container Line rates will increase US$400 per TEU, $500 per FEU, $563 per 40-foot high cube and $633 for 45-footers from mid-August.

"The long lasting lower freight rates have been far below the level to cover vessel operating costs," said the company statement. "Overwhelmed by recent soaring fuel prices, the cost recovery programme is necessary for the carrier to continue to operate services with the high level of reliability."

All cargo moving from Far East and Indian subcontinent (Bangladesh, Brunei, Cambodia, mainland China, Hong Kong, India, Indonesia, Japan, Korea, Macau, Malaysia, Myanmar, Pakistan, Philippines, Singapore, Sri Lanka, Taiwan, Thailand and Vietnam) to the US will be subject to the increases, said the company statement.

This "applies to all cargo moving under tariff rates and service contracts", said the company.

Separately, Cosco announced an emergency bunker surcharge increase for the Taiwan trade of CNY600 (US$88) per TEU and CNY1,200 per FEU to on cargo moving in all directions between the mainland and Taiwan from July 19.

Taiwan ports include Kaohsiung, Keelung, Taichung and all inland points via these ports. Mainland ports include Dalian, Tianjin, Xingang, Qingdao, Lianyungang and all inland points via these base ports.
 

(Source: Transport Weekly)