OOCL to raise North Europe-Asia rates

4/21/2012 10:23:29 AM

Orient Overseas (International) Ltd (OOIL) plans to further raise rates for container shipments on the North Europe to Asia route from May 15, in a bid to restore its profitability following a weak first-quarter performance, reported Dow Jones Newswires. The Hong Kong-based company's container freight unit Orient Overseas Container Line, or OOCL, said in a statement it plans to increase freight rates by US$200 per TEU or FEU, for all shipments through the trade route. The latest move is OOCL's fourth rate hike on the same route since the start of 2012. Last Sunday, it raised the rate on the North Europe to Asia route by $200 per TEU, and by $300 per FEU, adding to a combined $400 per container hike for cargo moving from North Europe to Asia in February and March.   Cargonews Asia

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