HONG KONG's Orient Overseas Container Line (OOCL) has announced that sea freight rates for containers from Singapore, Malaysia, Thailand, Indonesia, Vietnam, Cambodia, Philippines, the Indian subcontinent and the Mideast to Australia will be increased US$500 per TEU.

The move, which is to "maintain a viable service level and a comprehensive liner network" will go into effect May 1.

Said OOCL: "Ocean freight rates continue to be below the required level to cover basic operating costs or transportation costs in our southeast Asia-Australia services. Considering that current levels are unsustainable for the long term, we are announcing a rate restoration programme to restore freight rates to a more sustainable level."