CMA CGM and Hapag-Lloyd announce US$ 1,000 shipping rate hike

Major shipping lines CMA CGM and Hapag-Lloyd have announced a general rate increase (GRI) of US$ 1,000 per container for routes from Asia to South America, effective October 15. The adjustment applies to dry, refrigerated, and out-of-gauge cargo originating from various Asian ports, including Japan, Southeast Asia, and Bangladesh, destined for the South American east coast.

This price hike comes amid rising containerized import volumes in Brazil, which saw a 9.2% increase between January and July compared to the previous year. Imports from China, the primary source of these goods, grew by 21.6% during the same period. While the announced increase is a significant signal from major carriers, the actual final cost will depend on market acceptance and specific negotiations.

In contrast to these regional increases, the global World Container Index reported a slight 1% decline in early October, influenced by China’s Golden Week holiday and increased vessel capacity in the Suez Canal. However, carriers appear to be attempting to reverse broader market trends by implementing these higher tariffs toward the end of the month.