Hanjin to Raise Atlantic Rates, Add Surcharge

Hanjin Shipping added its trans-Atlantic services to the growing parade of rate increases announced by ocean carriers, saying it will hike prices on the lanes Sept. 1 and add a bunker fuel surcharge on Europe-South America service Aug. 15.

In what it called as a “rate restoration program,” Hanjin will increase rates for all shipments between Europe and North America in both directions by $150 per 20-foot container and $225 per 40-foot container.

The move follows Hapag-Lloyd’s July 16 announcement that it will raise its trans-Atlantic rates by $400 per TEU and $500 per FEU on Aug 1.

Heading into the peak fall shipping season, carriers are hoping for improvement over the first half of the year. Several carriers have reported enormous declines in volume and big financial losses in the first half of 2009 as the global economic downturn has choked off trade.

The South Korean carrier called the rate restoration “inevitable in order to maintain quality service to its customers under the current economic climate,” despite continuous efforts to reduce costs.

Hanjin also plans to impose a fuel recovery charge for all dry, refrigerated and “special” container shipments between North Europe and South America effective Aug. 15.

The fuel charge is $73 per TEU and $146 per FEU for northbound shipments and $78 per TEU and $157 per FEU for southbound shipments.

Contact Peter T. Leach at pleach@joc.com.