HONG KONG's Orient Overseas Container Line (OOCL) has announced a rate increase of US$200 per TEU ($400/FEU) for Australia-bound cargo from Singapore, Thailand, Indonesia, Vietnam, Cambodia, Philippines, the Indian subcontinent, Myanmar and Middle East starting September 1.
The increase will apply to both dry and refrigerated cargo on top of ongoing market rates and subject to accessorial surcharges applicable at the time of shipment.
"Ocean freight rates continue to be below the required level to cover basic operating costs or transportation costs in
our southeast Asia-Australia services," said the OOCL statement.
"Considering that current levels are unsustainable for the long term, we are announcing a rate restoration programme for this trade lane," said OOCL.Source: shipping times