General Rate Increase (GRI) – sea freight rate increases explained

As from March 1^st 2012 shipping lines offering Asia-Europe services will be increasing sea freight rates within this market by up to an astonishing 750usd per TEU, close to 100% increase.

WHY? Shipping Lines are saying that with the current rates they are just covering the costs of their fuel, so they need to increase or go out of business.  Ocean freight rates fluctuate depending on the volume of cargo and the number of vessels available. It may be that the proposed increase is too high for the market conditions and that it will fall later in the month as the lines continue to compete against each other for business.

As ever we will endeavour to provide you with the best rates in the market place and will keep you updated with this situation. If you do have any specific concerns or worries regarding this please feel free to call our imports team on 01580 893481.