Freight rates are soaring！！Shipping companies announced the latest wave of price increases. PSS up to $3,840

Recently, the global shipping market due to the recovery of demand, the industry's Red Sea crisis and global port congestion and other multiple factors interwoven impact, shipping prices continue to rise. Underscoring the nervousness in the shipping market, shipping companies announced peak season surcharges and price increases.

CMA CGM is one of the first shipping lines to issue intensive season surcharge notices. Starting June 7, 2024, the company will impose a peak season surcharge of $500 per dry box for containerized cargo from Asia to the northern and southern regions of West Africa. In addition, starting July 1, CMA CGM will impose a peak season surcharge on containerized cargo from Asia to the United States, which varies according to container size and can reach up to $3,040 per 45-foot container. At the same time, starting July 3, there will be an additional peak season surcharge of $2,000 per container for shipments to Puerto Rico and the U.S. Virgin Islands.

Not to be outdone, Maersk Line has imposed peak season surcharges on container cargoes from far East Asia to India, Pakistan, Sri Lanka and the Maldives since June 17. In addition, since June 15, a peak season surcharge has also been imposed on dry and refrigerated containers from ports in southern China to Bangladesh. Maersk also announced a peak season surcharge on A2S and N2S trade routes from China to Australia, Papua New Guinea and Solomon Islands from June 12. At the same time, Maersk also increased the peak season surcharge from far East Asia to the Middle East and South Asia region, and from June 15, increased the peak season surcharge to Middle Eastern countries such as the United Arab Emirates.

COSCO Shipping, a Chinese shipping giant, also announced recently that it will increase the FAK rate from the Far East to North America by up to $9,200 from June 15 to June 30. The move shows COSCO Shipping's proactive attitude in responding to changes in the market.

Hapag-Lloyd raised its peak season surcharge from the Far East (including Oceania) to Northern Europe and the Mediterranean by $1,000 per TEU from June 15. This adjustment shows Hapag-Lloyd's emphasis on the European route market.

Overall, the surcharges and price increases issued by major shipping companies during the peak season reflect the tight conditions in the global shipping market. Under the influence of multiple factors such as recovering demand and port congestion, shipping prices are expected to maintain an upward trend.