Far East rates set for another rate increase, 1st Sept

Far East rates set for another rate increase, 1st Sept

The Yoyo continues...

Rates were successfully increased by the industry’s shipping lines operating the Far East import service to Europe earlier this month.

Since the 1st of August, we have experienced a strong hold on the rates with very little sign of movement, that is if we are to compare the rates that move containers. The market is now facing the usual battle of low rates used to tout for new business vs a rate that successfully gets containers shipped. This is now being strengthened even more as not only vessel space is under pressure but actual container equipment too!

As of September 1st, the announced GRI from all lines is currently sitting between $500-600 per TEU (20ft equivalent Unit).

We are of course in strong negotiations with shipping lines and will remain competitive as always in the lowest possible area to ensure containers are shipped. We anticipate that rates will adjust downwards on the very last day of the month to enforce a lesser impact of the GRI.

New rates will be finalised and sent to all clients once the rates are completely confirmed as 100%.

LCL will be affected accordingly on a pro ratered basis of how the FCL market rate looks come the 1st September.