Fuel costs force Maersk to raise freight rates

SHIPPING lines are raising freight costs as the rising oil price lands them with spiralling fuel bills. This is likely to result in the cost of imported goods rising.

Maersk, the world’s largest shipping business, has joined rival Mediterranean Shipping Co (MSC) in slapping a surcharge on freight charges to offset rising costs.

The Danish business will raise freight rates by 20pc starting next month, saying the standard surcharges it uses to deal with higher oil prices are no longer able to cover the increases.

Earlier this week MSC said it was introducing a similar measure, saying the situation was an “emergency and no longer sustainable”.

Explaining the price rises, MSC added: “Fuel prices are up more than 30pc this year, and almost 70pc since last June. [Ship fuel] prices in Europe exceeded $442 per metric ton last week. Crude oil is hovering around $80 a barrel – the highest since 2014.”