Asia Ocean Freight Carriers Align For November GRI
Ocean freight carriers are planning to introduce a General Rate Increase (GRI) for shipments moving from Asia on November 1st, which follows the confirmation that a host of blanked sailings are being introduced.
The market had seemingly been returning towards normality during recent weeks with demand softening and ocean freight rate levels reducing for the first time since vessels were rerouted away from the Red Sea earlier this year.
Current market conditions do not suggest that an increase is achievable. However, by confirming numerous blanked sailings (cancelled voyages) and therefore withdrawing capacity, carriers may be able to create artificial demand levels that would help push an increase through.
As things stand, the level of the GRI’s vary from carrier to carrier up to around $1000-1200 per forty foot container.
As is common for carrier GRI plans in recent times, there is no guarantee that the currently proposed levels will hold up, or whether a GRI will actually be introduced. However, it would be remiss of us to not advise that increases may be on the horizon from next month.
