Asia: Ocean GRI’s On The Horizon For May?
Varying reports are indicating that a General Rate Increase (GRI) may be on the horizon for May, with regard to ocean freight shipments from Asia.
Suggesting that demand is starting to return, and following weeks of blanked sailings due to capacity management programmes, carriers have seemingly positioned themselves to be able to push rates upwards.
By manufacturing a demand level that has often exceeded recent capacity, we’ve witnessed limited space, booking rollovers and some increases in spot rates during the past few weeks.
However, as the traditional peak season approaches, we could expect more capacity to return to the market. Therefore, it is currently unclear whether a GRI can be upheld.
Atlantic Pacific will be monitoring any movements closely during the next week or two and will update further should GRI’s be officially announced.