OOCL announces rate increases on Asia - Australia services

OOCL announced today (Thursday, November 19), that the company will introduce a rate restoration program in order to restore freight rates to a more sustainable level. Due to the economic downturn, there has been a weakening of revenue levels to the extent that freight rates are unable to cover basic operating or transportation costs. Current levels are unsustainable for the long term.

In order to maintain a viable service level and a comprehensive liner network for all of our customers, please be advised with effect from December 15, 2009, freight rates for traffic from Southeast Asia (Singapore, Malaysia, Thailand, Indonesia, Vietnam, Cambodia, Philippines, Indian Subcontinent and Middle East) to Australia, will be increased by USD 250 per TEU.

Orient Overseas Container Line (OOCL) is a wholly-owned subsidiary of Hong Kong Stock Exchange listed Orient Overseas (International) Ltd. Headquartered in Hong Kong, OOCL is one of the world's leading container transport and logistics service providers, with more than 280 offices in 55 countries. Linking Asia, Europe, North America, the Mediterranean, the Indian sub-continent, the Middle East and Australia/New Zealand, the company offers transportation services to all major east/west trading economies of the world. OOCL is one of the leading international carriers serving China, providing a full range of logistics and transportation services throughout the country. It is also an industry leader in the use of information technology and e-commerce to manage the entire cargo process. Website: http://www.oocl.com/