Hanjin hikes rates, applies surcharges on Asia-Europe cargo

KOREA`s Hanjin Shipping has announced a rate increase and peak season surcharges oN a range of cargo from the Asia Pacific, Indian Ocean to Europe and the western Med to take effect September 1.
The rate restoration on the Far East/South East Asia to North Europe/ Mediterranean trade will be US$300 per TEU and $600 per FEU.
The shipping line will also apply an emergency peak season surcharge from September 1 on all types of cargo including dry, reefer and special shipments of $150 per TEU and $300 per FEU from India, Pakistan, Bangladesh, Sri Lanka and Australia bound for north Europe and the Mediterranean.
A peak season surcharge of $100 per TEU and $200 per FEU will also be applied to cargo from the Mideast to north Europe and Mediterranean destinations.
Hanjin said the rate restoration was part of the company`s "plan to improve the deteriorated profitability caused by the unsustainable rates in major trades" said a company statement.
"In addition to this rate restoration, we are making company-wide efforts to reduce costs so that we can provide our customers with satisfying service," said the statement.
Hanjin Shipping is Korea`s largest shipping carrier with 60 liner and tramper services that handle 100 million tons of cargo a year. Its fleet consists of some 200 containerships, bulk and LNG carriers.