Orient Overseas Container Line (OOCL) will raise rates again for container shipments on its Asia-Europe route from November 1 as part of plans to boost profitability.
OOCL said it plans to increase freight rates by US$525 per TEU for all shipments on its Asia-Europe route, reported Dow Jones Newswires. The move follows a $250 per TEU rate increase for the same route that took effect September 10.
The container shipper didn't disclose its existing freight rate for the route.
The company, controlled by the family of former Hong Kong chief executive Tung Chee-hwa, in August posted a 33 percent decline in first-half net profit, citing persistently low freight rates and high fuel prices.
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