Ocean Freight Rate Increases Set For November

Recent carrier communications, along with a series of blanked sailing announcements, indicate that a GRI is set to be introduced across several ocean freight markets from next month.

Despite global container shipping demand remaining low, ocean carriers are attempting a wave of significant rate increases from November, supported by a spate of blanked sailings that have reduced capacity and are intended to create artificial demand levels.

While the increase is largely targeting Asia origin markets, including Far East services to Europe, North America and the Mediterranean, we understand that other trades could be impacted, such as UK services to and from the Mediterranean and North America.

The level of increases are not known at this time, as they will vary by trade and from carrier to carrier. However, despite previous unsuccessful attempts to uplift rates this year, our advice is to be prepared for increases.

The Croft Cargo team will be monitoring developments and will update customers with any relevant rate changes in due course. Should you require further information, then please do not hesitate to contact us.

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