THE United Arab Shipping Company (UASC) will increase rates by US$505 per TEU and $1,010 per FEU on all cargo from Asia to north Europe and the Mediterranean from July 1.

The move follows a similar announcement by Hong Kong's Orient Overseas Container Line (OOCL) to increase rates $400 per TEU on cargo from the Far East, the Indian subcontinent and the Middle East to north Europe, the Mediterranean and Black Sea.

Said OOCL: "The ocean freight rate for the Asia-Europe trade has been below the required level to cover basic operating costs for a prolonged period."

Other announced rate increases on Asia-Europe routes for July 1 include a $475 per TEU hike by China Shipping and a $530 per TEU hike from Cosco.