Japanese shipping carrier MOL said on Thursday it will increase ocean freight rates for all cargo originating in Asia and imported into the US from 15 January.
The move follows the announcement on Wednesday by other major ocean carriers that they will increase rates to combat rising operating costs as the container transport industry begins a modest recovery, the Journal of Commerce reported.
The Transpacific Stabilisation Agreement, which includes APL, China Shipping, CMA CGM, Cosco, Evergreen, Hanjin, Hapag-Lloyd, Hyundai, ‘K’ Line, MSC, NYK, OOCL, Yang Ming, and Zim, announced a two-step phased increase of prices on 16 December.
The general rate increase for MOL will be US$320 per 20 foot equivalent unit, US$400 per 40 foot equivalent unit, US$450 per 40 foot high cube container and US$505 per 45 foot standard containers. These apply on services from Asia, the Middle East, Australia and New Zealand to all ports in the US and Mexico, except Puerto Rico and the Virgin Islands.
“Throughout the past year, operating costs have risen as rates on the Asia to US trade have stayed too low to maintain a high level of service,” said MOL Liner executive vice president Tsuyoshi Yoshida.
“This increase is necessary to ensure that we are able to continue to provide the service levels our customers have come to expect.”
