Shipping rides wave of high demand

Shipping and freight rates have gone up for shipments between the Far and the Middle East by 35-40 per cent over the last year, officials said. Shipping lines belonging to the Gulf-based Informal Rate Agreement (IRA) increased rates by $200 (Dh736) per 20-foot-equivalent unit (TEU) as of April 1, said an IRA official. The move comes as part of IRA’s rate-restoration plan.