Sea freight rates to rise by $ 450 per TEU in 1Q

COPENHAGEN (REUTERS): Container shipper Maersk Line plans to raise freight rates from the Middle East and the Indian subcontinent to northern Europe and the Mediterranean twice in the first quarter, it said on its website.

The company, which is part of Danish shipping and oil group A.P. Moller-Maersk, announced a $200 per 20-foot container (TEU) and a $400 per 40-foot container general increase from 1 February. It said it would further raise rates on those routes by $ 250 per 20 TEU and by $ 500 per 40 TEU from 1 March. Maersk Line also announced rate increases from North Asia to Australia, from Canada to Far East Asia, and from Far East Asia to Cuba.