HONG KONG's Orient Overseas Container Line (OOCL) has announced an increase in freight rates of US$200 per TEU and $400 per FEU on cargo from Singapore, Malaysia, Thailand, Indonesia, Vietnam, Cambodia, the Philippines, the Indian subcontinent, Myanmar and Middle East to Australia from April 1.

"The 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 for this trade lane," said OOCL.

This increase will apply on top of existing ongoing market rates and will be subject to accessorial surcharges applicable at the time of shipment.

On Friday, the Asia Australia Discussion Agreement (AADA), of which OOCL is member, announced a $500 rate hike from Greater China to Australia.