COSCO has announced the heaviest rate hike on the Asia-Europe westbound route of US$775 per TEU effective March 15
Cosco to levy heaviest March 15 Asia-Europe rate hike of US$775/TEU
COSCO has announced the heaviest rate hike on the Asia-Europe westbound route of US$775 per TEU effective March 15, even higher than the recently announced mega increase of $750 per TEU from Hapag-Lloyd.
This is thought to buttress the recent profit warning predicting a $1.3 billion annual loss following losses of $1.7 billion in the previous year. Cosco is also a participant in the Transpacific Stablisation Agreement rate hike of $400 per FEU to take effect on April 1.
But there is a weaker market demand this year, undoubtedly prompting MSC to withdraw its $300 per TEU peak season surcharge which was to be applied on January 24.
