OOCL to hike southeast Asia-Australia rate US$200/TEU on October 15

HONG KONG's Orient Overseas Container Line (OOCL) has announced a US$200 per TEU rate increase for all cargo from Singapore, Malaysia, Thailand, Indonesia, Vietnam, Cambodia, the Philippines, Indian subcontinent and Middle East to Australia from October 15.

"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 or after October 15. Further rate restorations to be applied during 2012 will be announced in due course," said the company statement.