Zim Integrated Shipping Services is postponing by a month the implementation of the general rate increase it planned to apply July 1 on the Asia-Europe trade, Journal of Commerce reports.The GRI of $275 per 20-foot equivalent unit is now slated to take effect Aug. 1. It will cover all westbound cargo moving from Asia and the Indian subcontinent to West Mediterranean, Adriatic and North Europe destinations.
The Israel-based carrier's move is the latest of a series of such moves by carriers in the wake of weakening demand. Mediterranean Shipping Co. postponed the implementation of its $250-per-TEU GRI on Asia-North Europe-Mediterranean trade routes from July 1 to Aug. 1, and Maersk Line earlier pushed its Asia-North Europe rate hike back from June 1 to July 1.
The Israel-based carrier's move is the latest of a series of such moves by carriers in the wake of weakening demand. Mediterranean Shipping Co. postponed the implementation of its $250-per-TEU GRI on Asia-North Europe-Mediterranean trade routes from July 1 to Aug. 1, and Maersk Line earlier pushed its Asia-North Europe rate hike back from June 1 to July 1.