Mediterranean Shipping Company announced a general rate increase on the westbound trades from India to Europe and the Mediterranean, the second GRI this year.
Starting March 1, the planned increase will be $200 per 20-foot equivalent unit.
The GRI will apply to all cargo moving from India to North Europe, the United Kingdom, East/West Mediterranean and Black Sea ports.
“This rate restoration will enable the company to maintain its services at the highest levels that its customers expect,” MSC India said.
The Geneva-based carrier earlier raised rates on the route with a GRI of the same amount that took effect as of Feb. 1.
MSC’s move follows similar GRI announcements by almost all major carriers operating on the Indian subcontinent-Europe-Mediterranean trade lanes.
French liner CMA CGM said Wednesday it will boost rates on the route by $150 per TEU, effective March 5.
Other recent increase announcements included: $250 per TEU by United Arab Shipping Company as of Jan. 15; $250 per TEU by state-owned Shipping Corporation of India as of Feb. 1; $200 per TEU by Maersk Line and Zim Integrated Shipping Services as of Feb. 1; and $150 per TEU by Hapag-Lloyd also as of Feb. 1.
In other trade news, the Indian Commerce Ministry said Thursday it finalized a strategy to boost the country’s exports to $450 billion by 2014, up from an anticipated $225 billion in fiscal 2010-11 ending March 31.
“One of the major reasons to take this initiative and implement it on an urgent basis is because of the widening trade gap, which stood at $89 billion during the first 10 months of 2010-11,” Commerce Minister Anand Sharma said.