SOUTH KOREA's Hanjin Shipping has announced it will increase the rates for Asia-Europe trades from April 1.

Freight rate increases of US$400 per TEU and $800 per FEU will be applicable for dry, reefer and special cargo from Far East and south east Asia to north Europe, Baltic and Scandinavia; from the India-Pakistan-Bangladesh Conference (IPBC) and Middle East to North Europe, Baltic and Scandinavia; from Far East and south east Asia to Mediterranean; as well as from IPBC and Middle East to Mediterranean.

For dry, refrigerated and special cargo shipments from Japan to North Europe, Baltic, Scandinavia and Mediterranean services, the increases will be $700 per TEU and $1,400 per FEU.

The carrier said in a statement: "These rate increases are inevitable to cover the unsustainable level of current freight rates and rocketing fuel prices."