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Business News of Saturday, 26 September 2020

Source: GNA

Stakeholders maintain freight rates for cocoa shipment

The Cocoa Marketing Company (CMC), Ghana Shippers' Authority (GSA), and the shipping lines ferrying Ghana's cocoa beans to the international market have agreed to maintain their cocoa freight charges for the 2020/2021 cocoa season.

As a result, the rate for shipment per tonne to the United Kingdom (UK) had been maintained at £30, the Northern Continent at €49, Estonia at €56, Mediterranean Europe at €55, the Far East at $89/94, and Brazil at $103.

Ms Benonita Bismarck, the Chief Executive Officer (CEO) of GSA, announced this in Accra at the end of the Cocoa Freight Negotiation Conference.

She said the new rates were reached after negotiations with about 24 shipping lines upon consideration of a number factors including the global COVID-19 pandemic and bunker rates.

The Bunker Adjustment Factor (BAF) refers to the floating of part of sea freight charges, which represents additions due to oil prices, was also maintained at 27 per cent for all destinations, but for the UK it was reduced to 25 per cent.

The rates were reached after negotiations and extensive deliberations on the future of the shipping sector and how best to support each other amid the impact of the COVID-19 pandemic on their operations.

Some of the shipping lines that participated in the negotiations included; Maersk Line, Mediterranean Shipping Company (MSC), PIL Ghana Limited, Grimaldi Lines Ghana and ZIM Integrated Shipping Services Limited.

Ms Bismarck said considering the prices of cocoa on the global market, it was prudent that the Authority and the shippers took another look at the freight charges to determine the way forward.

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