Carriers’ earnings continue to reflect a trend in which the world’s biggest carriers are profitable while much of the rest of the industry is struggling. The world’s largest carrier, Maersk Line reported its second-quarter earnings last week, and CMA CGM, the No. 2 global carrier, released its second-quarter earnings today. Both carriers show growing profits. Meanwhile, China Cosco said today it experienced losses in the first half amid excess capacity and weak freight rates.
Mitsui O.S.K. Lines said in its mid-year earnings report that despite needing to speed up ships on certain routes because of port delays, it will implement increased slow-steaming, becasue of a sharp deterioration in its container shipping financials. Congestion hurt carriers’ schedule reliability almost across the board in July, as all of the Top 20 carriers except United Arab Shipping Co. experienced a decline in global schedule reliability, according to a new report from SeaIntel Maritime Analysis.
Asia-Europe
Maersk Line hopes to boost rates on shipments from the Far East, excluding Japan, to North Europe by $400 per 20-foot container and $800 per 40-foot and 45-foot container, effective Sept. 1.
Intra-European trade
Hamburg Süd intends to raise rates in its trade between Europe and the U.K., and the Mediterranean and Levant region. The increase will be €100 per 20-foot container and €150 per 40-foot container.
Trans-Atlantic
Beginning Oct. 1, Maersk hopes to increase rates in its trade from Europe to the United States. For shipments from North Europe, the hike will be $250 per 20-foot container and $350 per 40-foot and 45-foot container, and for shipments from the Mediterranean, the increase will be $200 per container.
On the same date, Hapag-Lloyd has scheduled a rate hike on trans-Atlantic shipments from Europe to North America:
- For shipments from North Europe to Canada and the U.S., the increase will be $240 per 20-foot container and $320 per 40-foot container, and for shipments to Mexico, the hike will be $100 per 20-foot container and $150 per 40-foot container.
- For shipments from the Mediterranean to Canada, the U.S. and Mexico, the hike will be $150 per 20-foot container and $250 per 40-foot container.
Hapag-Lloyd also announced that it will apply a general cost recovery amount of $14 per TEU on cargo from the U.S., Canada and Mexico to North Europe, the Mediterranean and Africa, starting Oct. 1.
Also on Oct. 1, MOL intends to implement a rate increase for cargo moving from Europe, West Africa and South Africa to North America. The increase will be $200 per TEU for cargo destined to the U.S. East Coast, and $300 per TEU for cargo destined to the U.S. West Coast.
Trans-Pacific
U.S. Lines intends to boost rates on its eastbound trade from Asia to the U.S. by $480 per 20-foot container, $600 per 40-foot container, $675 per 40-foot high-cube container and $760 per 45-foot container, starting Sept. 1.
Asia-Australia
Maersk intends to raise rates on cargo from Southeast Asia to Australia, starting Sept. 15. The hike will be $300 per TEU and $600 per FEU.
Effective Oct. 1, U.S. Lines plans to implement a rate increase on southbound shipments from the U.S. to Australia and New Zealand. For shipments from the U.S. West and Gulf Coast, the hike will be $250 per TEU, and for shipments from the U.S. East Coast, the increase will be $150 per TEU.
Europe-Latin America
Hapag-Lloyd plans to increase freight rates in both directions in the Europe-to-Latin America trade lane, beginning Oct. 1. From Europe to Latin America, the hike will be €150 per 20-foot container and €200 per 40-foot container, and from Latin America to Europe, the increase will be $100 per 20-foot container and $150 per 40-foot container. Latin America includes South America, the Caribbean and Central America.
Asia-Africa
Starting Sept. 1, Cosco Container Lines plans to hike rates on shipments from the Far East to South Africa by $150 per TEU.
