Home » Breaking News, Maritime » OOCL announces October rate hike on Europe-Asia route

Orient Overseas Container Line (OOCL), Hong Kong’s biggest shipping line, said it will impose a general rate increase (GRI) on its North Europe-Asia trade lane from October, noting that ocean freight rates “continue to be below the required level to cover operating costs on our North Europe to Asia trade.”

In a corporate statement on its website September 12, OOCL said: Considering that the current levels are unsustainable for the long term, we are announcing a General Rate Increase (GRI) which will be applied to all cargo loading on or after October 1.”

The rate hike is US$200 per 20-foot-equivalent unit or 40-foot-equivalent container.

OOCL, a subsidiary of Orient Overseas (International) Limited, one of the world’s largest international integrated container transport businesses, said it is planning “further rate restorations to be applied during 2012.”

 

Photo courtesy of OOCL

 

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