Liner carrier Hanjin Shipping said Thursday it would raise ocean freight rates on the Asia-to-Europe trade in a series of hikes throughout 2011.
On Jan. 1, the Korean line plans to raise rates $250 per TEU from the Far East and Southeast Asia to all parts of Europe and West Africa. Hanjin's Far East and Southeast Asia regions include Korea, Japan, Taiwan, China, Singapore, Malaysia, Indonesia, Thailand, Vietnam, Cambodia, Myanmar, Philippines and Bangladesh.
On April 1, the line will raise rates a further $200 per TEU from Asia to Europe (except from Japan), and $300 per TEU from Japan to Europe.
On July 1, Asia/Europe rates will rise another $250 per TEU, followed by rate restorations of $200 per TEU on Sept. 1 (except for Japan) and $300 per TEU from Japan from Sept. 15.
In addition, Hanjin will impose $150-per-TEU peak season surcharges on shipments from the Far East and Southeast Asia to the Mediterranean beginning June 1 and to northern Europe beginning July 15.
When combined, the sought after increases total $900 per TEU for the Far East to Europe, not including the summer peak season surcharges.
Hanjin will also raise rates on shipments from the Indian Subcontinent and Middle East to Europe throughout 2011. Increases planned are $200 per TEU from March 1, $100 per TEU from June 1, $200 per TEU from Oct. 1, and $150 per TEU from Dec. 1, for a total of $650 per TEU.
"Despite our efforts to reduce costs, it is inevitable for us to restore rates in order to maintain quality service and schedule reliability that our customers expect from us," the carrier said in a statement. "We will continue to seek all possible measures to meet our customers' needs."