New Rate Increases coming up for all the major ports of Europe

In our recent analysis of global tradelanes on spot rate trends using Freightify, as highlighted in our previous article with insights from Lars Jensen, we observed a notable decline in rates within markets not encompassing the Red Sea transit.

Building upon our prior analyses, where we identified certain trade lanes facing profitability challenges amidst the ongoing Red Sea crisis, our predictions now find resonance in ocean carriers' latest initiative in rate restoration in the exact tradelanes where the spot rate trends pointed a slow growth.

Check out the recent analysis on the global tradelanes for spot rate trends here -

CMA CGM

Rate Restoration Initiative 3 (RRI03) Announcement by CMA CGM

Effective Date: March 1st, 2024

CMA CGM announces the implementation of Rate Restoration Initiative 3 (RRI03) for cargo shipments from North Europe and Mediterranean ports of load to various destinations in the United States, Canada, and Mexico, as well as all inland destinations reached via said ports. This initiative is set to take effect from March 1st, 2024, unless otherwise specified.

From/Via:

All ports of load in North Europe, including North France, United Kingdom, Ireland, Scandinavia, Poland, Baltic, Portugal, Spain (Bilbao, Vigo, Gijon), and all Mediterranean ports, including Malta, France (Fos/Marseilles), Italy, Spain (Algeciras, Valencia, Barcelona, Sagunto), Adriatic, Black Sea, North Africa, Cyprus, Greece, Turkey, Lebanon, Morocco (excluding Egypt).

To:

US East Coast (USEC), US Gulf Coast (USGC), US West Coast (USWC), Canada, and Mexico Ports, and all inland destinations reached via said ports.

Rate Restoration Initiative 3 (RRI03) Charges:

$300 USD per 20' container (all types, OOG excluded)

$600 USD per 40' container (all types, OOG excluded)

$600 USD per 40'HC container (all types, OOG excluded)

$600 USD per 40' container (reefer types)

$600 USD per 45' container (all types, OOG excluded)

CMA CGM introduces Rate Restoration Initiative 3 (RRI03) effective March 1st, 2024, applying to tariff or service contract rates for all cargo moving under the specified scope. This initiative aims to address market dynamics and maintain service quality.

MSC:

This announcement pertains to the adjustment of freight rates and the introduction of the Equipment Imbalance Surcharge (EBS) by MSC for cargo shipments from various European ports to destinations in the USA, Bahamas, Puerto Rico, Canada, and Mexico. These changes will be effective from March 1, 2024, until further notice, not exceeding March 30, 2024.

EU Price Announcement – Trade from WMED, Adriatic, NWC & Scanbaltic to USA, Bahamas, Puerto Rico, Canada & Mexico Date: 01/31/2024

MSC announces the following adjustments effective from March 1, 2024, until further notice, not extending beyond March 30, 2024. Additionally, the implementation of the Equipment Imbalance Surcharge (EBS) will commence from March 1, 2024, until further notice.

All prices are in US Dollars unless otherwise specified.