UASC to increase Asia/Europe rates US$550/TEU and $1,010/FEU on July 1

UNITED Arab Shipping Company (UASC) will increase rates on all westbound cargo from Asia to North Europe and Mediterranean ports by US$550 per TEU and $1,010 per FEU from July 1.

UASC joins Orient Overseas Container Line (OOCL) in raising prices, which will be joined by China Shipping Container Lines (CSCL) later in July when it increases rates $457 per cent TEU with Cosco adding another $530 per TEU about the same time.