'Tariff madness' will prompt renegotiation of ocean shipping contracts
Today’s “absolutely nuts” container shipping market will spur contract renegotiations, as rates and minimum quantity ...
By Mike Wackett
Higher fuel costs are triggering increases in ocean carrier bunker surcharges, adding more misery for shippers already struggling with record high freight rates and additional fees.
Today’s price for low-sulphur fuel oil (LSFO) at Rotterdam is just under $500 per ton, which is up 25% since the beginning of the year and some 60% higher than in November.
And carriers are busy resetting their fuel increase recovery mechanisms, effective today or from 1 April, to reflect the higher bunker costs.
Moreover, the spread ...
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