OOCL said it plans to increase rates by $525 per TEU on shipments from Asia (including the Indian Subcontinent and Middle East) to Northern Europe, the Mediterranean and Black Sea from Nov. 1.

Zim said it would seek increases of $500 per TEU on the trade, also on Nov. 1

The proposed increases come as forward prices in the fledgling container derivatives market look set to trend down by about 10 percent from current levels to November to about $1,025 per TEU from Asia to Northern Europe and $1,050 per TEU to the Mediterranean.

American Shipper