Orient Overseas Plans to Raise Rates Between Asia and Australia

HONG KONG -(Dow Jones)- Orient Overseas (International) Ltd. (0316.HK) plans to raise rates for container shipments between Asia and Australia from April 15, the Hong Kong-based shipper said Tuesday, as part of plans to boost profitability after its net profit plunged last year.

The shipper’s container freight unit Orient Overseas Container Line said in a statement intends to increase freight rates by US$300 per 20-foot-equivalent unit, or TEU, for all shipments between northern and eastern Asia and Australia.

Orient Overseas (International) didn’t disclose its existing freight rates.

The company–controlled by the family of former Hong Kong Chief Executive Tung Chee-hwa–said Monday its 2011 net profit plunged 90% as high fuel costs and capacity oversupply continued to weigh on its bottom line.

-By Joanne Chiu, Dow Jones Newswires