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Biz News Korea(Eng)
According to U.K. industry journal Lloyd’s List on Tuesday, global shipping companies, including the two Korean companies, have issued a general rate increase (GRI) as of May 1, setting the container rate at $500-$800 from Asia to Northern Europe and at $1,000 from Asia to the Mediterranean.
The shipping rate from Shanghai to Western America, the most important container shipping route for the two Korean firms, is also making a turnaround. The shipping rate for the route rose 18 percent from $725 per FEU (forty-foot equivalent unit) a week ago to $857 on April 22. Hanjin Shipping allocates 40 percent of its vessels to the Asia-America route, while Hyundai Merchant Marine allocates 39 percent of its ships.
Freight rates for shipping are directly related to sales of a shipping company. But a steady decrease in global freight volume due to China’s slowdown from the late 2000s and the so-called chicken game led by global shipping companies with super-sized vessels put the entire industry at risk. This situation prompted Hanjin Shipping and Hyundai Merchant Marine to file for a creditor-led workout program.
“Shipping rates in Asia nearly doubled in recent weeks, and container ships heading to Europe began to be fully loaded. Even global companies that led the chicken game are hiking shipping rates for fear of going bust,” said a person familiar with the shipping industry.
By Yoon Jin-ho
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