News
Members of the Korea Nearsea Freight Conference (KNFC) catering to the trade between South Korea and Japan will raise their base rates for services on the trade by US$50 per TEU and $100 per FEU on May 15, 2013. They intend to make up for the increases in operating costs made by rises in cargo handling charges and fuel expenses as well as other factors.
The South Korea/Japan trade will see the first freight rate hikes for the first time in six years.
South Korean shipping companies will also introduce a new currency adjustment factor (CAF) of $30 per TEU, $60 per FEU and $3 per revenue ton (RT). They made the decision, as the ongoing CAFs are no longer effective enough to reflect the recent drastic fluctuations in the currencies of major advanced economies.
