Freight rates between Europe and the Middle East are to rise on 1 October according to the Europe Middle East Rate Agreement (EMERA). The 15 shipping lines in EMERA plan to boost rates by $50 a container in an effort to recover lost ground.
Box rates between Europe and the Gulf have slumped to an average of $1,150 despite a steady volume over the last four years. Published rates are $1,500 a 20-foot equivalent unit (TEU) but quoted rates have slipped much lower due to the intense competition and the activity of independent lines.
Trade volumes range from 140,000 to 150,000 TEUs a year. EMERA members carry an estimated 80 per cent of this trade. The new rates will be held until March 1995 when further increases are likely to be considered.
You might also like...
TotalEnergies to acquire remaining 50% SapuraOMV stake
26 April 2024
Hyundai E&C breaks ground on Jafurah gas project
26 April 2024
Abu Dhabi signs air taxi deals
26 April 2024
Spanish developer to invest in Saudi housing
26 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.