OOCL is to increase rates on its transatlantic services from 1 March "to cover basic operating costs".

The deepsea carrier will increase its rates for cargo loaded or discharged at US or Mexican ports by US$400 per 20ft container and $500 per 40ft container.

Cargo loaded or discharged at Montreal will face a rate increase of $320 per 20ft and $400 per 40ft.

OOCL said: "Ocean freight rates continue to be below the required level to cover basic operating costs or transportation costs."