Despite the persistently sluggish freight rates in the spot market, it is noteworthy that several well-known shipping companies have recently decided to buck the trend by announcing a new round of price increases set to take effect in April. This round of hikes covers several key routes, including South America, the Mediterranean, and West Africa, with the increases being quite substantial. According to the notices, the highest adjustment could reach up to $1,000 per forty-foot equivalent unit (FEU).

MSC Mediterranean

Recently, Mediterranean Shipping Company (MSC) has issued a notice announcing an increase in the FAK rates for all routes from Far East ports (including but not limited to major ports in Japan, South Korea, and Southeast Asia) to the Mediterranean region (including the Western Mediterranean, Eastern Mediterranean, Adriatic Sea, and North African ports) and Black Sea ports. This rate adjustment is scheduled to take effect from April 1, 2025. Specifically, the maximum freight rate for 20-foot containers will be increased by USD 400, while the maximum freight rate for 40-foot containers will be increased by USD 800. Below are the details of this rate adjustment:

CMA CGM

Recently, CMA CGM officially announced that starting from April 1, 2025, it will implement new FAK rates for all cargo shipments originating from major Asian ports to Mediterranean and North African ports. Notably, the rates for 20-foot containers from Asia to North African ports will increase to $4,200, while 40-foot containers will rise to $6,000. Below are the specific details of this rate adjustment:

Hapag-Lloyd

Recently, Hapag-Lloyd announced that it will increase the GRI for shipments from Asia to the West Coast of South America, the East Coast of South America, Mexico, Central America, and the Caribbean. This GRI adjustment will cover 20-foot and 40-foot dry containers, including high-cube containers and 40-foot non-operating reefer containers. The adjustment will take effect on April 1, 2025, for all destinations listed in the announcement, except for Puerto Rico and the U.S. Virgin Islands, which will apply from April 19, 2025, until further notice.

The specific amount of the GRI increase in this instance is as follows: