Foreign shippers hint at raising freight rates

International-shipping lines have hinted at further raise in freight charges up to 400 dollars per 40-foot container in the wake of short cargo capacity of the industry, sources told Business Recorder on Tuesday.
They said this is the second increase during the last four weeks. "Shipping line announced some 200 dollars-400 dollars freight increase on the 20-foot and 40-foot container respectively, which will be effected from September 1," said a leading shipping agent on the condition of anonymity.
After the upsurge of 200-dollar increase on the 20-foot container on the account of conference rate increase (CPI), the freight on 20-foot container would now reach around 1,500 dollars-1,650 dollars per container from 1,400 dollars-1,500 dollars per 20-foot container for different destinations of Europe, he added.
Similarly, the freight on the 40-foot would be increased by 400 dollars to 2,900 dollars-3000 dollars per tonne from 2,500 dollars-2,600 dollars was, at present, being charged on per 40-foot container, he said.
Sources said that this increase has taken place in the wake of rising demand of cargo transportation all over the country. "Shipping lines continue to face considerable increase in cost and congestion, which has a detrimental effect on carriers' ability to operate efficiently," they added.
The neighbouring countries are also considering to increase charges on freight as cost of transportation of cargo from Pakistan, India, Bangladesh and Sri Lanka to UK, North continent, Scandinavian, Baltic and Mediterranean region would be the same, they added.
They said that during the last four weeks, it was the second increase in the shipping freights and in the first week of the current month, the shipping lines raised the freights for the Middle East. "Shipping cargo handling across the world is soaring due to rising international trade, therefore, the shipping lines are facing capacity load due to slow growth in the shipping sector," a senior member of ship industry said.
At present, over 1,400 ships were engaged in the cargo transport all over the world, of which some eight percent were berthed at Australian port, waiting for coal loading, they added.