Hong Kong-based Orient Overseas Container Line (OOCL) is planning a revenue restoration program on the Asia-Europe trade that will take effect next month.
Freight rates for westbound traffic from the Far East (excluding Japan) to North Europe, the Mediterranean, and the Black Sea will be raised by US$775 per TEU (20-foot equivalent unit).
The new rates will be implemented from December 15 “in order to continue providing quality and sustainable services,” according to a company announcement.
Meanwhile, Germany’s Hapag-Lloyd will impose its own rate recovery drive on the trade lanes from East Asia to the Indian Sub-continent and the Arabian Gulf.
Rates for all cargoes and container types from East Asia (excluding Japan) to the Indian Sub-continent—covering the ports in Bangladesh, Pakistan, Sri Lanka, and India—will go up by $100 per TEU with effect from December 1.
A general rate increase is also scheduled for all cargoes and container types from East Asia (excluding Japan) to the Arabian Gulf. The rate hikes are $200 per TEU with effect from December 1, and $200 per TEU from December 15.
The Arabian Gulf is defined as the ports in the United Arab Emirates, Bahrain, Iraq, Kuwait, Oman, Qatar, and Saudi Arabia.
