Lines Pushing Hard For Ocean Rate Increases
Steamship lines are making a big push to uplift ocean freight rates, especially on Asia origin movements, between now and the new year, with further GRI’s just announced.
Even though we have still not reached the previously mentioned December 15th GRI, two lines have now confirmed they will be implementing sizeable increases from January 1st and others may follow.
At least one of these shipping lines is not taking bookings until the new year, and the global ocean freight situation is fast evolving.
Attacks on cargo ships in Middle East shipping lanes have led to several vessels being diverted around Africa, while Panama Canal delays have also led to several global loops being rerouted.
The current Middle East conflict, along with schedule and market uncertainty, may provide an opportunity for carriers to push through their sought after increases.
The Killick Martin team understand that increases are now likely between now and early January, but whether they continue to Chinese New Year remains to be seen. We will be monitoring developments closely, in the meantime customers should be prepared for ocean freight rates to go up.