We made an open ended announcement about ocean freight GRI’s recently, stating that you can take as read that carrier’s are trying to implement a GRI almost every month. However, developing market conditions have now made a rate increase more likely.
The ongoing conflict in the Middle East has led to cargo ships being attacked and several Asia roundtrip vessels are now being diverted around the Cape Of Good Hope in South Africa. Delays at the Panama canal have also led to longer journeys on ‘around the world services’.
The current uncertainty and schedule disruption within global shipping, along with stringent blanked sailing programmes, may well be the catalyst for carriers to get the rates moving upwards.
A December 15th GRI was announced by several carriers at the end of last month and before we have even got there two carriers have just announced a substantial increase for January 1st.
It now seems likely to us that increases are incoming between next week and next month, but whether they carry enough weight to hold strong until Chinese New Year remains to be seen.
Therefore, our advice is to be prepared for increased ocean freight costs. We will notify customers directly of changes to pricing as the next two to three weeks develop.
If you have any questions regarding the above, then Westbound are here to help. So, please do not hesitate to contact us.
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