OOCL said it will increase transatlantic rates Oct. 1 by $320 per 20-foot and $400 per 40-foot container.
"The economic downturn has led to a weakening of revenue levels to the extent that freight rates are unable to cover basic operating or transportation costs,” the company said. “Considering that current levels are unsustainable for the long term, OOCL would like to advise that we will introduce a rate restoration program in order to restore freight rates to a more sustainable level."
The increase will apply for traffic to and from North Europe and the United States, Canada and Mexico. OOCL, a member of the Grand Alliance, has six transatlantic loops with four calling U.S. ports -- Atlantic Express (ATX), Gulf Atlantic Express (GAX), Gulf Mexico Express (GMX) and Pacific Atlantic Express (PAX). The GMX also calls at Mexican Gulf ports. The PAX is part of a trans-Panama pendulum service that travels between Asia and Europe and calls Halifax and U.S. ports on the East and West coasts.
The Gateway Express 1 (GEX1) and Gateway Express 2 (GEX2), also called the St. Lawrence Coordinated Services, call Montreal and North Europe ports. OOCL partners with Hapag-Lloyd and CMA CGM on those Montreal services.
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