OOCL rates 'fail to cover costs' 
 
OOCL has warned its customers it will hike its rates on westbound services from Japan to Europe in October.

The carrier said the US$300 per teu increase on services from Japan to north Europe, the Mediterranean and the Black Sea was necessary as current rates were too low to cover its overheads.

It said: “The economic downturn has led to a weakening of revenue levels to the extent that freight rates are unable to cover basic operating or transport costs.

“Considering that current levels are unsustainable for the long term, OOCL would like to advise that we will introduce a rate restoration programme in order to restore freight rates to a more sustainable level.”