United Arab Shipping Company has joined other major container ship operators in announcing a general rate increase on westbound Asia-Europe trades, starting July 1.
UASC will hike rates by $505 per 20-foot container and $1,010 per 40-foot container on all dry and reefer shipments from Asia to destinations in North Europe and the Mediterranean.
The move follows a similar announcement by Orient Overseas Container Line on the same trades starting next month. OOCL will push its rates up by $400 per TEU on cargo from the Far East (including Japan), the Indian subcontinent and the Middle East to North Europe, the Mediterranean and Black Sea.
“The ocean freight rate for the Asia-Europe trade has been below the required level to cover basic operating costs for a prolonged period,” OOCL said.
Other general rate increases on Asia-Europe trades slated for July 1 include a $475 per TEU hike by China Shipping Container Lines and a $530 per TEU boost by Cosco Container Lines.