HONG KONG's Orient Overseas Container Line (OOCL) announces a rate increase from May 1 on its North Europe to St Petersburg service of EUR50 (US$68.55) per TEU and EUR100 per FEU excluding reefer boxes.

"Currently, ocean freight rates continue to be below the required level to cover basic operating costs or transportation costs on our North Europe to Russia St Petersburg service," said the OOCL statement.

"Considering that the current levels are unsustainable for the long term, we are announcing a general rate increase, which will be applied to all cargo loading on or after May 1," it said.