Hong Kong-based OOCL said a general rate increase (GRI) will be applied to all cargo loading on the North Europe-Asia trade on or after March 1.
The rate increase is US$200 per 20-foot-equivalent unit (TEU) and $300 per 40-foot-equivalent unit.
The box ship in a statement said the GRI was needed to lift rates to sustainable levels for the long term. “Currently, ocean freight rates continue to be below the required level to cover basic operating costs or transportation costs on our North Europe to Asia Trade,” it added.
Meanwhile, German liner operator Hapag-Lloyd announced a $750 rate hike per TEU on the Far East westbound service effective March 15.
The rate increase covers all shipments from East Asia (excluding Japan) to all North Europe and Mediterranean destinations, except for South and West Africa.
East Asia is comprised of Japan, Korea, Taiwan, Hong Kong, China, Macao, Singapore, Malaysia, Indonesia, Thailand, Philippines, Laos, Cambodia, Vietnam, Brunei, Myanmar, Papua New Guinea, and the Russian Pacific ports of Vladivostok and Vostochny.
North Europe consists of North West Continent, the UK, Scandinavia, Baltic, and the European ports of Russia.
The Mediterranean includes West Mediterranean, East Mediterranean, Black Sea, and North Africa.