DANISH shipping giant Maersk Line, the world No 1 container carrier, has announced a US$450 per TEU freight rate increase on the Asia-northern Europe trade lane effective August 1.

On average, spot rates between Asia and Northern Europe fell 5.5 per cent to $1,230 per TEU in the week ending Friday. Container shipping companies are aiming for higher rates from August 1.

Rate increases announced so far include $550 per TEU by CMA CGM, $1,000 per TEU by Hapag-Lloyd and $600 per TEU by Hanjin Shipping. Full increases announced vary from 36 to 81 per cent, but only 62 per cent of announced price hikes for July 1 were implemented successfully, said Reuters.