Japan-based MOL and Evergreen are to increase freight rates in an effort to recover from a slump in maritime trade.

MOL will implement the rate of $250 per TEU for all cargo moving westbound from Asia and the Indian subcontinent (including Japan) to northern Europe and the Mediterranean from October this year.

Taiwan-based Evergreen has announced increases to Northern Europe and US trade, charging $350 for a 20ft box and $450 for a 40ft box.