Hapag-Lloyd raises container rates on East Asia-South America East Coast route

New Delhi — German carrier Hapag-Lloyd said Oct. 28 that it increased container rates on the East Asia to South America East Coast route by $300 per unit, effective Nov. 8.

Currently, the average rate on the route is $4,200 per twenty-foot-equivalent unit and $4,600 per forty-foot-equivalent unit.

Typically, carriers announce general rate increases (GRIs) up to a month before they take effect, allowing them time to lower the proposed GRI level or decide against implementing an increase at all.

Prices for sailings originating out of Asia have been rising over the last few months due to an acute container shortage in the region following strong demand on the trans-Pacific route.

The bigger companies have turned their attention to the more lucrative long-haul trips from Asia, limiting availability of empty containers in the region and driving intra-Asian rates higher, sources said.