MOL announces rate restoration program

MOL announces rate restoration program    MOL said it would implement a general rate restoration program on the Asia/Europe trade this year.
   Westbound rates will increase $900 per TEU in three stages during the course of the year and eastbound rates $400 per TEU in two stages, the Japanese ocean carrier said.
   “While increased freight rates are never very popular, the current downward trend is completely unsustainable and MOL is confident customers will recognize the need to maintain stability and viability in their supply chain operations over the long term,” the company said.
   It added it has “already significantly cut capacity from its global liner services, including the Asia/Europe trade, to help reduce the imbalance between supply and demand.”
   Starting April 1 the company said all cargo moving under a MOL bill of lading eastbound on the Asia/Europe route will be subject to $300 per TEU increases at the beginning of April, June and August, while westbound it plans $200-per-TEU increases at the beginning of April and September.