Foreign shipping lines have slapped a general rate increase (GRI) on cargo destined for West Coast of South America from October 15. The rates of the GRI implemented are dollar 750 for a 20-foot container and dollar 1,000 for a 40-foot box.
According to shipping line sources, the lines have also increased currency adjustment factor (Caf) to 7.3 percent of the ocean freight for all cargo meant for the USA. The Caf was imposed in September at the rate of 6.83 percent.
The lines have extended the peak season surcharge on the cargo to USA up to November 30. The peak season charge was levied in October for month duration. The amount of peak season surcharge is dollar 320 for 20-foot container and dollar 400 for a 40-foot box.
The foreign carriers were also charging bunker (fuel) surcharge on the exports to the USA at the rate of dollar 30 for a 20-foot box and dollar 45 for the bigger box. The rates were fixed on October 01. The surcharge is likely to be increased any moment due to record jump in the oil prices.
Earlier, the shipping lines raised freight to cargo destined for Far East at the rate of dollar 75 for a 20-foot container and dollar 150 for a 40-foot container. The raise affected the exports of cotton and yarn to Hong Kong, China, Taiwan and Korea.