A.P. Moller-Maersk A/S (MAERSK-B.KO) Friday told customers that its Maersk Line shipping unit will increase container rates on its key Asia-Europe route from April 15.

The price hike of $500 per TEU (twenty foot equivalent unit) comes as container shippers bid to fight a fall in prices caused by significant overcapacity in the industry.

"The General Rate Increase will apply to all dry cargo moving from all Far East Asia (excluding Japan) to all Europe destinations (including North Europe & Mediterranean)," the company said in its announcement to customers.

Oversupply and sluggish growth in the world's largest consumer markets during the fourth quarter 2012 saw rates lose steam, but the Danish oil and shipping conglomerate did manage to return its shipping line to profitability in 2012 and expects results to improve further in 2013.

Maersk said last month that it expects "modest" 4%-5% container shipping growth in 2013 amid "bleak" westbound traffic on Asia to Europe routes.

Source: Dow Jones