According to several recent announcements received by ocean freight carriers, a General Rate Increase (GRI) is planned for Asia imports from 1st May 2024.
The increase levels will vary, dependent on the route and the carrier, but the current proposals suggest this could be a sizeable adjustment to ocean freight rates.
Last year, we witnessed several attempts by carriers to implement GRI’s and many were unsuccessful, being either adjusted downwards or cancelled altogether at the last minute. However, the current market conditions are certainly volatile due to the uncertainty in the Middle East.
The recent missile and drone attack on Israel, and the capture of the MSC Aries by Iranian troops, has certainly added to the volatility and could make the implementation of a GRI more likely.
Westbound will be monitoring developments closely, but at this stage we recommend that clients are prepared for an increase.
If you have any questions regarding the above, then Westbound are here to help. So, please do not hesitate to contact us.
