OOCL hikes south Asia-Oz rate US$250/TEU, $500/FEU on October 1

HONG KONG's Orient Overseas Container Line (OOCL) will increase rates on October 1 for all dry and refrigerated cargo from southeast Asia (Singapore, Malaysia, Thailand, Indonesia, Vietnam, Cambodia, Philippines, Indian subcontinent, Myanmar and Middle East) to Australia by US$250 per TEU and $500 FEU.

"The ocean freight rates continue to be below the required level to cover basic operating costs or transportation costs in our Southeast Asia-Australia services. Considering that current levels are unsustainable for the long term, we are announcing a rate restoration programme for this trade lane," said OOCL in a notice to trade.

"This increase will apply on top of existing ongoing market rates and will be subject to accessorial surcharges applicable at the time of shipment," said the company.