Container freight rates from Indian ports to key European ports will increase by US$100 per TEU from March 1, the India, Pakistan, Bangladesh and Ceylon Conference (IPBCC) announced, reported India's Business Standard.
Freight charges from Indian ports to the UK-north continent, Scandinavia, Baltic and Med will be increased to $1,250 per TEU and $1,400 per TEU from $1,150 TEU and $1,300 TEU, respectively, according to the report.
The increase follows the rate restoration programme announced by the IPBCC London meeting on January 31. The IPBCC accounts for 70-75 per cent of cargo moving on south Asia-Europe trade lanes.
"In addition, as part of the business plan, members will keep ancillary tariff items such as special equipment additionals and surcharges under review," according to an IPBCC notice, said a conference statement.
The 16 shipping lines in the IPBCC are ANL, CMA CGM, Hamburg Sud, Hapag Lloyd, K Line, MacAndrews, Maersk, MISC, CSAV Norasia, PNSC, Rickmers, Safmarine, Shipping Corporation of India, UASC, Yang Ming and Zim.
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