Asia Air & Ocean Freight Rates On The Rise

April 23, 2024

Asia Air & Ocean Freight Rates On The Rise

Several ocean freight carriers have advised that a General Rate Increase (GRI) from Asia will be effective from May 1st 2024.

The increase levels, is successfully implemented, will differ by carrier and by route, but the current communication points towards a significant rise in ocean freight rate levels.

As we have witnessed on many occasions in the past, GRI’s can fluctuate, or even be scrapped, right up until the last minute. Therefore, the team at Unique are monitoring developments closely.

However, the current uncertainty in the Middle East, along with the recent seizure of the MSC Aries, have added to the volatility in market conditions. For this reason, we suggest that clients be prepared for an increase.

Middle East Conflict Impacts Air Cargo

Air freight from the Middle East and further afield in Asia has been impacted by Iran’s attack on Israel last week. Several flights and services to and from the Middle East were immediately cancelled in the aftermatch, and many Far East services are being routed away from the danger zone.

Subsequently, capacity is under pressure and we have witnessed freight rates on some Asian services spiralling upwards.

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