KOREA's Hanjin Shipping has announced a "rate restoration" for Asia-Europe trades from December 23 involving increases from Asia to Europe and West Africa of US$200 per TEU and $400 per FEU for all container types excluding cargo from Japan.

For cargo from Asia bound for the Mediterranean, the increase will be $175 per TEU and $350 per FEU, the company announced.

"As shown in our latest business performance, current rates cannot cover basic operating costs let alone hiking fuel prices. Thus, it is inevitable for us to restore rates in order to maintain service quality and schedule reliability that meet our customers' needs," said a company statement.