orient Overseas Container Line will apply the second phase of its rate restoration program Jan. 1 with a general rate increase on the trans-Atlantic trade.

     "Ocean freight rates continue to be below the required level to cover basic operating costs or transportation costs," the carrier said in a statement, adding that current levels are unsustainable for the long term.

     The increases for cargo transiting ports of , U.S. East Coast, U.S. Gulf, and will be $320 per 20-foot container and $400 per 40-foot container.

     Rates for cargo transiting ports on the U.S. West Coast will increase by $480 per TEU and $600 per FEU.

Source:The Journal of Commerce Online