News / Carriers fight back against sub-economic rates with FAK hikes

Cosco ship at Hamburg Photo 175554637 © Balipadma Dreamstime.com

20/10/2023

Ocean carriers are planning a wave of sizeable FAK rate hikes across the major east-west tradelanes next month, in an attempt to swivel voyage results back into the black.

And, with the 2024 budget season looming, the shipping lines will want to jettison unprofitable cargo from their customer portfolios.

For example, MSC this week announced new freight rates, effective 17 November, from the Mediterranean and North Europe to the US, Canada and Mexico, including a $4,400 ...

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Fred Stiening
October 23, 2023 at 10:18 am
What is a FAK rate?

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- Alex Lennane
  October 23, 2023 at 10:22 am
  Freight All Kinds – A FAK rate is negotiated between the client and the freight carrier. It’s essentially an agreement that the carrier will transport multiple products with different classes at a single freight rate.
  
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  - Mike Wackett
    October 23, 2023 at 10:29 am
    Yes, there are so many acronyms in shipping! We should explain and not assume that everybody knows, or can remember the meaning!
    
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