More Ocean GRI’s On The Merry-Go-Round

November 27, 2023

More Ocean GRI’s On The Merry-Go-Round

Once more the merry-go-round of ocean freight rate levels sees carriers pushing for a GRI this month, despite this not being supported by market conditions and previous attempts to uplift rates failing to fully materialise.

An increase from December 1st has been proposed again, which may or may not become reality. We also understand that at least one carrier has announced plans to almost double their spot rates from December 15th.

However, demand for global container shipping remains low, especially on Asia origin routes. Meanwhile, capacity has been increased by the waves of new build mega ships this year and the period from December until Chinese New Year traditionally sees the lowest demand of the year.

That said, blanked sailing programmes are in full flow as carriers attempt to create artificial demand levels with more and more voyages being cancelled every week.

There is undoubtedly a need for carriers to raise rates after months of running in the red, but whether market conditions can sustain an increase right now very much remains to be seen.

So, there could be an increase coming on December 1st, or even 15th, or there could be another failed attempt to uplift rates.  The team at Unique are monitoring the situation closely and will notify customers directly of any rate movements.

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