Maersk Line to increase Asia-Europe shipping rates by US$550 per TEU

Maersk is planning to raise freight rates for transporting containers from Asia to Northern Europe from May 1.
Maersk is planning to raise freight rates for transporting containers from Asia to Northern Europe from May 1.PHOTO: REUTERS

SINGAPORE (REUTERS) - The world's largest container shipping company Maersk Line, owned by A.P. Moller-Maersk, plans to increase freight rates for transporting containers from Asia to Northern Europe by US$550 (S$735) per 20-foot equivalent unit (TEU) from May 1, it said on Tuesday.

The industry has been grappling with overcapacity and freight rates for shipping containers on the key route have plummeted 78 per cent this year to a level widely seen as loss-making.

Maersk Line also aims to raise freight rates from Asia to some ports in Central America and South America's west coast by US$1,050 per TEU from May 15.