OOCL announces US$800/TEU Asia-Europe rate increase effective March 1

HONG KONG`s Orient Overseas Container Lines (OOCL) has announced plans to raise its ocean freight shipping rates for westbound trade on the Asia-Europe route, starting March 1.

The rate hike will be US$800 per TEU for shipments transported from the Far East (except for Japan) to north Europe, the Mediterranean and the Black Sea.


Said the OOCL statement: "The ocean freight rate for the Asia-Europe trade continues to be below the required level to cover basic operating costs. Considering that the current level is unsustainable for the long term, we are announcing a revenue restoration programme in order to maintain a viable service level."