OOCL increases Europe-to-Asia rate US$200/TEU, $300/FEU from October 1

HONG KONG's Orient Overseas Container Line (OOCL) will increase rates to US$200 per dry TEU and US$300 per dry FEU from North Europe, Scandinavia, Russia, UK/Ireland to Asia from October 1.

OOCL also announced that it would raise rates on the same date from the Mediterranean to Asia by US$200 on per container, regardless of size.

The general rate increase (GRI) is required to maintain a viable service level and a comprehensive liner network, said OOCL in a notice to trade.

"Currently, ocean freight rates continue to be below the required level to cover basic operating costs or transportation costs on our eastbound Europe to Asia trade," OOCL told customers.

"Considering that the current levels are unsustainable for the long term, we are announcing a general rate increase," said the company statement.