Carriers Pressing On With Ocean Freight Increases

Steamship lines are currently pushing hard to uplift freight rates, especially on movements from Asia, announcing further GRI’s effective from the new year.

We have not even passed the GRI originally announced for December 15th, before two carriers have confirmed significant increases that will be coming on January 1st, which others lines may follow.

With uncertainty in the Middle East, there could be an opportunity for steamship lines to finally push increases through.

Cargo ships have been attacked recently due to the ongoing conflict in Israel and Gaza, which has led to some vessels diverting around the Cape of Good Hope in Africa. There are also issues with delays at the Panama Canal, where severe drought has affected the number of vessels that can pass, meaning ‘around the world’ loops are now being rerouted.

Our current belief is that ocean freight rate increases are now very likely. Depending on the trade and carrier, that may be in the next week or perhaps early January, but current global events seem to be creating uncertain market conditions.

The Croft team are monitoring the situation closely, and will notify customers directly of price changes as they become evident. In the meantime, please be prepared for increases.

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