{"id":1209763,"date":"2022-09-23T14:04:58","date_gmt":"2022-09-23T14:04:58","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/09\/23\/cocoa-freight-rates-shoot-up-by-5-10-for-containerised-shipment-bulk-shipment\/"},"modified":"2022-09-23T14:04:58","modified_gmt":"2022-09-23T14:04:58","slug":"cocoa-freight-rates-shoot-up-by-5-10-for-containerised-shipment-bulk-shipment","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/09\/23\/cocoa-freight-rates-shoot-up-by-5-10-for-containerised-shipment-bulk-shipment\/","title":{"rendered":"Cocoa freight rates shoot up by 5%, 10% for containerised shipment, bulk shipment"},"content":{"rendered":"

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The Cocoa Marketing Company (CMC), Ghana Shippers Authority (GSA) and 18 shipping lines have agreed to increase basic freight rates for the 2022\/2023 cocoa season to all destinations but the United Kingdom (UK).<\/p>\n

As a result, basic freight for containerised shipments has gone up by 5% and basic freight has shot up by 10%. \u00a0<\/p>\n

In addition, Bunker (Fuel) Adjustment Factor (BAF) to all destinations except UK has been increased by 2 percentage points from 28 \u2013 30%.<\/p>\n

These were reached after a marathon meeting at this year\u2019s Cocoa Freight Negotiation Conference held at the Hilton Sorrento Palace, Sorrento, Italy on September 20, 2022.<\/p>\n

\"Cocoa<\/figure>\n

This means the rate calculated per tonne, for shipping the commodity to the various locations across the world currently stands at \u00a331.50 to the United Kingdom (UK) for both bagged and bulk;\u00a0to the Northern Continent \u20ac54.02 for bagged and \u20ac56.60 for bulk; to\u00a0Estonia \u20ac61.74 for bagged and \u20ac64.70 for bulk;\u00a0to\u00a0Mediterranean Europe \u20ac60.64 for bagged and \u20ac63.53 for bulk; to the Far East US$100.44\/106.09 for bagged and to Brazil US$116.24 for bagged and US$121.78 for bulk.<\/p>\n

The reasons that resulted in the decision predominantly were events in the global shipping market, which include increasing charter rates, container shortage and rising bunker prices. Also, the consideration of the need to keep a competitive freight rate for Ghana\u2019s cocoa, especially in the light of competition from neighbouring countries played a role.<\/p>\n

The Chief Executive Officer of the Ghana Shippers Authority, Ms. Benonita Bismarck, on her part used the occasion to acknowledge the cooperation and support of the shipping lines who have kept faith with the nation by promoting trade and serving as trusted conduits between the Cocoa Marketing Company and the buyers for the international transportation of Ghana\u2019s cocoa.<\/p>\n

Managing Director of the Cocoa Marketing Company (CMC), Vincent Okyere Akomeah, was confident that the agreed rates will be a win-win for the government and the shipping lines.<\/p>\n

He said the move would help to save the government substantial revenue as the shipping lines would get good and reliable business.<\/p>\n

\u00a0He was optimistic of a good cocoa year with the help of key stakeholders such as the GSA, the shipping lines, buyers and insurers, among others. \u00a0<\/p>\n

Some of the shipping lines who were present at the conference to agree on prices include Maersk Line, Mediterranean\u00a0Shipping Company, ZIM\u00a0Integrated\u00a0Shipping\u00a0Services Ltd, Grimaldi, COSCO Shipping\u00a0Lines, Messina Lines, Ocean Network, CMA-CGM and Arkas.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Cocoa Marketing Company (CMC), Ghana Shippers Authority (GSA) and 18 shipping lines have agreed to increase basic freight rates for the 2022\/2023 cocoa season to all destinations but the United Kingdom (UK). As a result, basic freight for containerised shipments has gone up by 5% and basic freight has shot up by 10%. \u00a0 […]<\/p>\n","protected":false},"author":1,"featured_media":1209764,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[6125,181,26194,3722,1591,3735,165],"class_list":["post-1209763","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-bulk","tag-containerised","tag-freight","tag-rates","tag-shipment","tag-shoot"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1209763","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1209763"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1209763\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1209763"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1209763"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1209763"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}