Mediterranean Shipping raised the stakes in the container ship carrier bid to pump up rates on depressed Asia-Europe lanes on Thursday, adding $775 to its charges effective March 1.
MSC said what it called a rate surcharge included a $525 emergency bunker surcharge to cover rising fuel costs and a $225 “emergency rate restoration” charge.
The total $775 increase would more than double the latest spot market rates on Asia-Europe lanes, measured by various rate indexes, mirroring a general rate increase Maersk Line announced this week that takes effect April 1.
Hanjin Shipping announced a $700 increase per 20-foot container, saying “current rates cannot cover basic operating costs let alone fuel prices.”
MSC’s rate hikes apply to shipments from Japan, Korea, China, Hong Kong, Taiwan, Singapore, Indonesia, Thailand, Vietnam, Malaysia and Bangladesh, to destinations in Europe, including the U.K., the Baltic, Adriatic, Mediterranean, Black Sea and North Africa.