SCI Hikes Rates to Europe

SCI Hikes Rates to Europe

The Shipping Corporation of India will seek a general rate increase on the westbound trades from India to Europe, the third GRI this year.

Effective May 15, the proposed increase will be $200 per 20-foot equivalent unit and $400 per 40-foot equivalent unit.

The GRI will apply to all cargo moving from India to North Europe, the United Kingdom, the Mediterranean and Black Sea ports.

The state-owned carrier earlier applied two GRIs with increases of the same amount as of February 4 and March 1.

SCI’s move follows similar increase announcements by other carriers serving the same trade lane, including Hapag-Lloyd, CMA CGM, Zim Integrated Shipping Services and Mediterranean Shipping Company.

Chile-based CSAV Norasia on Friday announced a rate increase of $225 per TEU on all westbound shipments moving on its India-Middle East-Europe Express Service.

Another major operator that plans to raise rates on the route is Cosco Container Lines. Coscon will apply a peak-season surcharge of $200 per TEU, starting June 1.