Orient Overseas Container Line (OOCL) will raise shipping rates on its key Asia to Europe route from September, reported Dow Jones Newswires.

It plans to increase freight rates by US$500 per TEU for all westbound shipments from Asia to North Europe, the Mediterranean and Black Sea.

OOCL raised its freight rate for the Asia-Europe route $1,500 per TEU in July and August. The container shipper didn't disclose its existing freight rate on the route.

The company, which ferries finished and semi-finished goods such as toys and garments, said it swung to a first-half net loss of $15.3 million from a year-earlier profit of US$116.5 million, on weak freight rates and lower shipping volume.

Cargonews Asia