23rd September 2022 4:10:22 PM
2 mins readAll overseas destinations, with the exception of the United Kingdom, will now incur a 5% rise in freight costs for shipping cocoa from Ghana.
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Similarly, the Cocoa Marketing Company (CMC), Ghana Shippers Authority, and 18 shipping lines have agreed to an increase in mega bulk shipments of 10% for the 2022–2023 cocoa season.
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According to the agreement, the rate for both bagged and bulk cocoa shipping to the United Kingdom (UK) is now £31.50 per tonne, while the rate for bagged and bulk cocoa shipping to the Northern Continent is €54.02 per bag and €56.60 per tonne.
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For Estonia, it is €61.74 for bagged and €64.70 for bulk; Mediterranean Europe €60.64 for bagged and €63.53, for bulk; the Far East, US$100.44/106.09 for bagged and Brazil US$116.24 for bagged and US$121.78 for bulk.
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Subsequently, Bunker (Fuel) Adjustment Factor (BAF) to all destinations apart from the UK has been increased by two percentage points from 28 – 30 percent.
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Those were the agreements reached after a meeting at this year’s Cocoa Freight Negotiation Conference held at the Hilton Sorrento Palace, Sorrento, Italy on Tuesday, September 20, 2022.
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Global developments in the shipping market, including increasing charter rates, container shortage, and rising bunker prices accounted for the new upward rates in freight charges.
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Again, the need to keep a competitive freight rate for Ghana’s cocoa, especially in the light of competition from neighboring countries was considered in the decision-making.
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Commenting on the recent charges, Mr Vincent Okyere Akomeah, the Managing Director of CM, said he was confident that the agreed rates would be “a win-win for the Government and the shipping lines.”
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Mr Akomeah was hopeful of a good cocoa year with the help of key stakeholders such as the Ghana Standard Authority, the shipping lines, buyers, and insurers.
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Ms Benonita Bismarck, the Chief Executive Officer (CEO) of the Ghana Shippers Authority, expressed appreciation to the shipping lines for their support and cooperation.
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She also thanked them for keeping faith with Ghana, promoting trade, and serving as trusted conduits between CMC and the buyers for the international transportation of Ghana’s cocoa.
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Shipping lines present at the conference included Maersk Line, Mediterranean Shipping Company, ZIM Integrated Shipping Services Ltd, Grimaldi, COSCO Shipping Lines, Messina Lines, Ocean Network, CMA-CGM, and Arkas.
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