Maersk to Increase Asia-Europe Freight Rates

The world's largest container shipping company Maersk Line, owned by A.P. Moller-Maersk, plans to increase freight rates for transporting containers from Asia to Northern Europe by $550 per 20-foot equivalent unit (TEU) from May 1, it said on Tuesday.

The industry has been grappling with overcapacity and freight rates for shipping containers on the key route have plummeted 78 percent this year to a level widely widely seen as loss-making.

Maersk Line also aims to raise freight rates from Asia to some ports in Central America and South America's west coast by $1,050 per TEU from May 15.