Nyhed -

Panalpina applies War Risk Surcharge for Strait of Hormuz

Panalpina, the world’s fourth largest provider of ocean freight services is applying a War Risk Surcharge for the Strait of Hormuz as a result of significantly increased insurance premiums for all vessel operators going through the busy waterway.

As the world’s fourth largest provider of ocean freight services, Panalpina enjoys partnerships with the majority of the world’s biggest ocean carriers, contracting space allocations on a variety of routes including through the Strait of Hormuz.

Shipping lines faced with increased insurance premiums

Some of these carriers such as Cosco, Maersk and CMA CGM, have introduced a War Risk Surcharge (WRS) in response to significantly increased insurance premiums related to the geopolitical tensions in the Gulf region.

“There is an increased risk of operating in the Gulf region and a sense of insecurity for shipments going through the Strait of Hormuz. Now that shipping lines have added insurance-related surcharges for such shipments, we have to pass these costs on in order to stay competitive and keep up the high-quality service for our customers,” explains Peder Winther, Panalpina’s global head of Ocean Freight.

Flat surcharge for FCL and LCL shipments going through Strait of Hormuz

To simplify matters for its customers, Panalpina, through its in-house carrier Pantainer Express Line, has decided to introduce a flat surcharge for all shipments going through the Strait of Hormuz.

  • For Full Container Load (FCL) shipments, Panalpina charges USD 52 per TEU (twenty-foot equivalent unit).
  • For Less than Container Load (LCL) shipments, the freight forwarder charges USD 3 per m3.

The simplified charges apply as of today for all shipments – with one exception: For shipments that involve the USA, either at destination or origin, the surcharges will only become effective on August 1, 2019.

Keeping a close eye on developments

“What counts is the date of the Bill of Lading, “explains Winther, adding: “We are keeping a close eye on the developments in the Gulf region and we will adjust the War Risk Surcharge accordingly.”

Panalpina’s surcharge currently applies to shipments via the Strait of Hormuz and to shipments with destination or origin port in Bahrain, Iraq, Kuwait, Oman, Qatar, Saudi Arabia (Eastern Province ports Dammam and Jubail), and the UAE.

In 2018, Panalpina expedited 1.5 million TEUs via ocean freight, many of them through the Strait of Hormuz, which is one one of the world’s busiest and most important global trade lanes.

In recent weeks, tankers were attacked near the Strait of Hormuz.

Emner

  • Transport

Kategorier

  • full container load (fcl)
  • sea freight
  • 2019
  • less than container load (lcl)
  • pricing
  • meac
  • non-vessel operating common carrier (nvocc)
  • bahrain
  • iraq
  • kuwait
  • oman
  • qatar
  • saudi arabia
  • united arab emirates (uae)
  • united states of america (usa)

Kontakt

Relateret materiale

  • Lower sulfur limits: Panalpina actively helping customers deal with supply chain impact

    Panalpina is ready to support Ocean Freight customers in dealing with higher costs and potential disruptions as a result of the lower sulfur limits. Already this year, cargo owners will feel the impact of new rules on ship emissions coming into force. From 2020, the sulfur content of bunker fuels will be reduced to 0.5 percent, compared to 3.5 percent now in most parts of the world.

  • Be sulfur-smart: an update on the rocky path to compliance

    Ship owners, operators and carriers must comply with new rules on emissions from 2020. Scrubbers currently dominate discussions. In this latest “sulfur-smart” blog post, we give an update on the scrubber debate, but also shed light on the topic of fuel quality. The lack of standardization on the composition and quality of low-sulfur fuels could lead to downtime of ships – and increased cost.

  • Be sulfur-smart: The maritime industry is weighing its options for complying with the new rules on ship emissions

    The sulfur limit that takes effect in 2020 has led to a scramble for compliance options, as the industry grapples with the impact of increased costs and potential supply chain disruptions. Ship owners and operators are hedging their bets on alternative fuels, but all options require significant investments that will put pressure on shipping rates. Our blog post navigates the turning tides.

  • Be sulfur-smart: Get behind the real issues in the debate over scrubbers

    With the new sulfur limit coming into force in 2020, ship owners and operators are looking to comply with the regulation, and a debate has ensued over the use of scrubbers. What are open-loop and closed-loop scrubbers? How harmful are scrubbers to the environment? We look at what’s behind the debate.

  • “We have to look at air freight and ocean freight more holistically”

    Hot on the heels of yesterday’s publication of Panalpina’s half-year results, we asked Lucas Kuehner and Peder Winther, the global heads of Air Freight and Ocean Freight, to give us a bit more color on the development of the markets and Panalpina’s performance thus far in 2019, and to tell us what they expect in terms of peak season in the second half-year.