The rising fuel cost means rising freight rates with majority of the cost being passed on to consumers as it is estimated that the total impact to consumers’ wallets in 2020 could be around $240 billion. Nigeria FreightCharges FreightRate
This is against the backdrop of the new regime introduced by the International Maritime Organisation that by January 1, 2020, it would begin to regulate global Sulphuric levels from 3.5 per cent to 0.5 per cent.
To this effect, shipping lines would strive to recoup the extra cost of fuel through introduction of bunker surcharges on cargoes in that shipping companies such as Maersk Lines, CMA CGM and Mediterranean Shipping Co. have already announced plans to introduce bunker surcharges to recover costs from this regulation.
The Executive Secretary of the Nigeria Shippers Council , Hassan Bello, while speaking at the Union of African Shippers Council sub-regional sensitisation workshop and Joint Standing Committee meeting yesterday in Abuja, expressed worry that the new regime was being introduced despite the high freight rate in the sub-region.
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