Sea freight goes up by $50-$100 from today

Anticipating heavy demand in the next few months, major shipping lines serving the Far East to the Middle East sea trade route, have jacked up freight rates by up to $100 per 20-foot container from today.

The Informal Rate Agreement, a not-so-informal grouping of 17 major shipping lines, annou-nced that its members will levy an additional surcharge of $50 to $100 per 20-foot container (TEU) between December 15 and February 9.

"In order to maintain a high standard of service to our customers during the seasonal cargo rush period preceding the Chinese New Year, the member lines of the Informal Rate Agreement (IRA) covering trades from the Far East to destinations in the Middle East, wish to inform the trade that a 'Peak Season Surcharge of $50 per TEU for dry (cargo) and $100 per TEU for reefer (cargo), will be implemented with effect from December 15 2002 through February 9, 2003," said the IRA.

It explained that the Peak Season Surcharge will be implemented separately from ocean freight rates for all shipments originating in the Far East, to all ports or points in the Middle East and will apply on top of existing rates.

Members include APL, Evergreen Maritime, IRISL, MOL, OOCL, Pacific International Lines, UASC, Wan Hai Lines, Cosco Container Lines, Hyundai Merchant Marine, Maersk Sealand, Norasia Container Lines, P&O Nedlloyd, TSK/NYK, Wallenius Wilhelmsen Lines and Yangming Marine Transport Corp.