News

         MUMBAI FEB 25: The shipping corporation of India (SCI) proposes to hike freight rate on the west bound trade from India to Europe as part its rate restoration initiative Effective March 1. the proposed increase will be $250 a  TEU and will apply to all cargoes moving from India to North Europe, the UK, the Mediterranean and the Black Sea prots, it is learnt, Only recently on February 4, SCI announced a similar freight rate increase on the same route. Separately, SCI, it is further learnt, will also increase its “line security sucharge ” imposed earlier on all cargoes moving to and from India, on the ground of increased security-related costsat Various ports. Effective March 1, the line security surcharge will be $10/TEU against $7 at present.

   Meanwhile, CMA CGM, has announced that it will raise freight rates on the west bound trade, i.e. from Asian ports including Japan and south East Asia and the Indian subcontinent to prots in North Europe, the Mediterraneam and the Black Sea with  effect from March 15. The extent of increase will be $200/TEU and will apply to all cargoes and commodities. United Arab shipping too has announced freight increase fromAsia to East Mediterranean destinations starting March 1 and the increase will be $ 250/TEU for both dry and reefer cargoes.