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OOCL to raise Europe-to-Asia rates

OOCL to raise Europe-to-Asia rates

   Hong Kong-based ocean carrier OOCL said last week it will begin raising rates on the eastbound trade between Europe and Asia by $100 per TEU beginning Nov. 1.

   'The economic downturn has led to a weakening of revenue levels to the extent that freight rates are unable to cover basic operating or transportation costs,' the carrier said in a customer advisory. 'Considering that current levels are unsustainable for the long term, OOCL would like to advise that we will introduce a rate restoration program in order to restore freight rates to a more sustainable level.'