OOCL hikes north Europe-Asia rate US$200 per TEU and FEU on October 1

HONG KONG's Orient Overseas Container Line (OOCL) has announced a US$200 per TEU and FEU rate increase for all cargo from north Europe eastbound to Asian ports starting October 1.

"Currently, ocean freight rates continue to be below the required level to cover operating costs on our north Europe to Asia trade. Considering that the current levels are unsustainable for the long term, we are announcing a general rate increase (GRI), which will be applied to all cargo loading on and after October 1. Further rate restorations to be applied during 2012 will be announced in due course," said the company statement.