So now GOLD is going down....Crude oil received a renewed price boost following some tough talk by Iran. Wait...Shipping prices to rise (container shipping)..... read more on LINKS below...
Shipping price to rise ....
Marseilles' CMA CGM, France's number one container shipping company, has announced increases in freight rates for services, including some to and from the Indian subcontinent, between February and March.
Starting February 1, for loops from the Indian subcontinent to the US East Coast, the rates will increase by $320/ TEU (20-foot equivalent unit), $400/FEU and $450/40-foot high-cube. From February 9, the rates from India and Pakistan to Europe will go up by $200 a TEU and $400 a FEU.
From February 15, the rates for India/Middle East-East Africa will increase by $200/TEU; and from March 1, the rates for India and the Middle East to Africa routes will rise $150/TEU.
The shipping line's other services to be covered by the proposed increases include, among others, US-Far East ($75/TEU, $150/FEU/ high-cube boxes), the Mediterranean-East Coast of South America ($200/TEU), North Europe-Far East ($200/TEU), Mediterranean – Far East ($200/TEU), Northern Europe –Middle East-Red Sea ($100/TEU), Baltic ports – Middle East – Red Sea- Far East ($100/TEU), Mediterranean –Far East ($100/TEU) and Asia to Adriatic ($250/TEU).
At the same time Maersk Line is moving to take rate increases on Asia-Europe lanes to a higher level, announcing a $775 increase in pricing effective March 1 that would push the rate to more than double the current spot market price.
The Danish carrier said the general rate increase will be applied to all dry and reefer cargo shipped from any Asian port to destinations in North Europe and the Mediterranean. OOCL also announced a GRI of $200 per container moving from North Europe to Asia, effective Feb. 15.
The general rate increases on the depressed Asia-Europe trade come as container lines report deep 2011 losses caused by weak demand and low rates. The Shanghai Containerized Freight Index for the Asia-Europe trade fell below $500 in late 2011 and since has grown to around $730 per TEU. That is still barely half the rate at this time last year.
In an attempt to deter similar losses in 2012, carriers, including Maersk and Hapag-Lloyd, have pushed rate increases on services originating from the Far East.