HONG KONG -(Dow Jones)- Orient Overseas (International) Ltd. (0316.HK) plans to raise rates again for container shipments for the north-Europe-to-Asia route beginning June 15, the Hong Kong shipper said Wednesday, as part of plans to boost profitability after its net profit plunged last year.
The shipper’s container-freight unit Orient Overseas Container Line, or OOCL, said it plans to increase freight rates by US$200 per 20-foot-equivalent unit (TEU) or 40-foot-equivalent unit (FEU) for all shipments through the trade route.
The latest rate increase comes after OOCL raised its freight rate for the same route by US$200 per TEU or per FEU, starting Tuesday.
The container shipper didn’t disclose its existing freight rate on its north-Europe-to-Asia route, but it noted the current freight rate is below the required level to cover its operating and transportation costs.
The company–controlled by the family of former Hong Kong Chief Executive Tung Chee-hwa–in March posted a 90% decline in 2011 net profit, as high fuel costs and capacity oversupply continued to weigh on its bottom line.
-By Joanne Chiu, Dow Jones Newswires
Sign up for gCaptain’s newsletter and never miss an update
Essential maritime and offshore news, insights, and updates delivered daily straight to your inbox
Four sailors have been rescued from a life raft in the South Pacific after their yacht struck a whale and began taking on water about 250 nautical miles north of...
Sales of Venezuelan oil for loading in October stalled after a surge in shipping costs muddled negotiations between the country’s state oil company and buyers of its oil.
The Drewry World Container Index edged lower this week as falling Asia-Europe rates outweighed firmer pricing on the Transpacific, with carriers preparing another round of blank sailings ahead of China’s...
Subscribe to gCaptain Daily and stay informed with the latest global maritime and offshore news
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
