Wed 22 Jul 2009 09:17

Hanjin to introduce fuel recovery charge


South Korean carrier says new charge is in response to rapidly rising fuel costs.

South Korean firm Hanjin Shipping has announced that it will be introducing a new bunker fuel surcharge from next month due to rising fuel costs.

In a statement, the company said a Fuel Recovery Surcharge (FRS) will be implemented for all shipments between North Europe and South America effective August 15th, 2009.

The bunker charge will be USD 73 per twenty-foot equivalent unit (TEU) and USD 146 per forty-foot equivalent unit (FEU) for northbound shipments and EUR 55 per TEU and EUR 110 per FEU for southbound shipments.

Commenting on the news, Hanjin said "Despite the company’s continuous efforts to reduce costs, this rate restoration is inevitable in order to maintain quality service to its customers under the current economic climate."

The decision to introduce new rates comes at a time when carriers are hoping for improved financial results during the second half of the year. A number of transportation firms have reported large declines in volume and earnings during the first six months of 2009 as a result of the global economic downturn.
Martin Vorgod, CEO of Global Risk Management. Martin Vorgod elevated to CEO of Global Risk Management  

Vorgod, currently CCO at GRM, will officially step in as CEO on December 1, succeeding Peder Møller.
Dorthe Bendtsen, KPI OceanConnect. Dorthe Bendtsen named interim CEO of KPI OceanConnect  

Officer with background in operations and governance to steer firm through transition as it searches for permanent leadership.
Bunker Holding's executive management team, from left to right: CCO Anders Grønborg, COO Peder Møller, CEO Keld R. Demant and CFO Michael Krabbe. Bunker Holding revamps commercial department and management team  

CCO departs; commercial activities divided into sales and operations.
Image of a bunker delivery being performed by Peninsula's Hercules 8000 tanker vessel. Peninsula extends UAE coverage into Abu Dhabi and Jebel Ali  

Supplier to provide 'full range of products' after securing bunker licences.
A screenshot taken from Peninsula's homepage on October 4, 2024. Peninsula to receive first of four tankers in Q2 2025  

Methanol-ready vessels form part of bunker supplier's fleet renewal programme.
Stephen Robinson, pictured on his appointment as Head of Bunker Strategy and Procurement at Tankers International. Stephen Robinson heads up bunker desk at Tankers International  

Former Bomin and Cockett MD appointed Head of Bunker Strategy and Procurement.
Chart showing percentage of off-spec and on-spec samples by fuel type, according to VPS. Is your vessel fully protected from the dangers of poor-quality fuel? | Steve Bee, VPS  

Commercial Director highlights issues linked to purchasing fuel and testing quality against old marine fuel standards.
Ships at the Tecon container terminal at the Port of Suape, Brazil. GDE Marine targets Suape LSMGO by year-end  

Expansion plan revealed following '100% incident-free' first month of VLSFO deliveries.
Hercules Tanker Management and Hyundai Mipo Dockyard sign bunker vessel agreement Peninsula CEO seals deal to build LNG bunker vessel  

Agreement signed through shipping company Hercules Tanker Management.
Illustration of Kotug tugboat and the logos of Auramarine and Sanmar Shipyards. Auramarine supply system chosen for landmark methanol-fuelled tugs  

Vessels to enter into service in mid-2025.

↑  Back to Top


 Related Links