Hapag-Lloyd has announced significant rate increases in its global services, which will take effect later in May and June, as high demand and substantial congestion and equipment shortages drive up the cost of freight.
Demand for freight services pushed the carrier's Q1 profits to €1.18 (US$1.44) billion from just €25 (US$30.41) million in the first quarter of 2020, as bullish carriers look to capitalise on beneficial market events for the lines.
As a result, the German carrier will implement the following general rate increase (GRI) in the eastbound trade from East Asia to all US and Canada destinations as of 15 June 2021 (date of cargo receipt at origin). This rate increase will apply for all dry, reefer, non-operating reefer, tank, flat rack and open-top containers.
East Asia to North America (US and Canada)
- US$2,400 per all 20' container types
- US$3,000 per all 40' container types
In addition, Hapag-Lloyd will increase rates for all cargoes and all container types from the Indian Subcontinent to South America East Coast with effect from 26 May 2021 as follows:
- US$500 per Container
Furthermore, the Hamburg-based container line will apply an increased ocean tariff rate for all cargoes for 20’ and 40’ general purpose, including high cube containers, on the Middle East Trade from all Italian ports to the Middle East and Indian Subcontinent destinations, valid for sailings commencing on 1 June 2021 onwards, and until further notice.