Asia Ocean Rates Due For August Rise

July 20, 2023

Asia Ocean Rates Due For August Rise

 

Ocean freight rates from Asia to Europe and North America are currently subject to a General Rate Increase (GRI) from next month, with levels varying from carrier to carrier.

Maersk Line were the first to announce their rates would be going up from August 1st, and recent carrier communications indicate that others are now following suit.

We have witnessed a spate of blanked sailing announcements recently, and understand that capacity has been reduced significantly for the last week of this month. These are generally clear indicators that a rate increase is incoming.

On the flip side, the current market conditions are not conducive to a price rise, with demand remaining low and many new ships recently introduced. There have also been a number of unsuccessful attempts to introduce a GRI this year.

Therefore, we can only suggest that you are ‘prepared’ for a GRI from August 1st for movements from Asia to the UK, Europe and North America.

Atlantic Pacific will be monitoring developments very closely in the next two to three weeks and will update customers with any price changes accordingly. Should you require further information, then please do not hesitate to contact a member of the team.

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