CMA CGM, Cosco levy Asia-Europe rate hikes from March 1

FRENCH shipping giant CMA CGM has announced a rate increase of US$200 per TEU on cargo from Asia to Mediterranean and Black Sea ports and all destinations from Portugal to Russia starting March 1.

Meanwhile, China's Coscon is increasing rates $30 per bill of lading on average from March 1 on all cargo from south China to north west Europe and the Mediterranean, the Black Sea and west Africa.

Coscon also announced a rate increase of $150 per box from South Africa to the Far East from March 1.

Forwarders have told London's International Freighting Weekly that carriers have now increased all-in westbound Asia-Europe spot rates to more than $2,000 per TEU, the highest in a decade.

Source: www.schednet.com