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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.