HONG KONG's orient Overseas Container Line (OOCL) has announced a rate increase on the eastbound trade between Europe and Asia by US$100 per TEU from November 1.

OOCL said the global downturn has led to a weakening of revenue to the extent that freight rates are unable to cover costs.

"Considering that current levels are unsustainable for the long-term, OOCL would like to advise that we will introduce a rate restoration programme to restore freight rates to a more sustainable level," said the company in a notice to trade.

Source:schednet.com