Developing Ocean Outlook May Support GRI’s

December 11, 2023

Developing Ocean Outlook May Support GRI’s

Schedule and service disruption in ocean freight, due to global events, may be about to support carrier’s plans to uplift freight rates between now and the new year.

We have mentioned previously that a General Rate Increase (GRI) was planned for December 15th, and it now seems that another may be due to come in at the turn of the year.

Two steamship lines have recently confirmed sizable increases in ocean freight rates from January 1st and others may follow.

While many attempts to uplift rates have failed this year, the uncertainty around global shipping may well support the current GRI attempts. This includes the developing situation in the Middle East, where cargo ships have been attacked, leading to several vessels routing away from the area. While not as critical, the Panama Canal delays have also led to alternative scheduling.

It seems that ocean freight rate increases are now likely to be coming in between now and the new year, although it is unclear whether they will last all the way through to Chinese New Year.

The team at Unique are monitoring the situation closely and will notify customers directly of any rate movements.

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