State-owned Shipping Corporation of India announced a general rate increase on the westbound trades from India to Europe, as part of what it calls a rate restoration program.

Starting Feb. 1, the planned increase will be $250 per 20-foot equivalent unit.

The GRI will apply to all cargo moving from India to North Europe, the United Kingdom, the Mediterranean and Black Sea ports.

The national carrier earlier applied a GRI of $200 per TEU on the same route as of Nov. 1.

“The new rate restoration is imperative at this point to meet the overall operational costs and to serve the trade efficiently,” it said Monday.

SCI’s move follows similar rate increase announcements by United Arab Shipping Company and Maersk Line covering the trades from India and the Middle East to Europe.

UASC will increase rates by $150 per TEU, starting Jan. 15. Maersk plans to boost rates by $200 per TEU and $400 per FEU, effective Feb. 1, followed by another GRI of $250 and $500, starting March 1.
(Source:www.joc.com)