Orient Overseas Container Line is raising rates on Asia-Europe trade lanes as part of what it calls a new “rate restoration program.”
The general rate increase effective June 1, following soft pricing in ocean container markets in the past two months, will be $275 per 20-foot equivalent unit.
The increase will apply to all westbound cargo shipped from the Far East (excluding Japan), the Indian subcontinent and the Middle East to North Europe.
“Considering that the current rate level is unsustainable for the long term, we are announcing a revenue restoration program in order to maintain a viable service portfolio,” OOCL said in a notice to shippers.
The notice comes just after the Hong Kong-based carrier announced a similar increase for cargo moving from Asia to ports in the Mediterranean and the Black Sea region, starting May 15.
Several other major carriers also announced plans to boost rates on Asia-India subcontinent-Europe-Mediterranean trade routes, starting May 15 and June 1.
The May 15 increase announcements include: $250 per TEU by United Arab Shipping Company, Zim Integrated Shipping Services, Hyundai Merchant Marine and Evergreen Line.
The increases slated for June 1 are: $225 per TEU by CMA CGM; and $250 per TEU by Maersk Line and Mitsui O.S.K. Lines.