Home » Breaking News, Maritime » Box carriers announce August 1 Asia-Europe rate hike
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Orient Overseas Container Line said a rate increase will be implemented on the Asia-Europe westbound trade effective August 1.

The freight rate hike from the Far East (excluding Japan) to North Europe, the Mediterranean, and the Black Sea is US$525 per TEU, or 20-foot-equivalent unit.

At the same time, the Mediterranean Shipping Co. announced a general rate increase for all cargo from Asia (excluding Japan) to the East Mediterranean, Black Sea, North Africa, West Mediterranean, Adriatic, North Europe, United Kingdom, Scandinavia, and Baltic.

The rate hike of $500 per TEU takes effect from August 1 as well.

Meanwhile, Cosco Container Lines said earlier a rate restoration of $100 per TEU for all shipments from the Far East to the Indian Sub-Continent trade will be applied from July 22.

The Far East includes China, Hong Kong, Taiwan, Macau, Philippines, Vietnam, Thailand, Malaysia, Singapore, Indonesia, Korea, Brunei, Cambodia, Myanmar, and Bangladesh.

The Indian Sub-Continent covers India and Pakistan.

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