Asia Pacific market update

01 Nov Asia Pacific market update

Market Rate Level Update – GRI for November 1st, 2023

In light of the current market trends, we want to bring your attention to some recent developments in the shipping industry. Carriers have initiated a General Rate Increase (GRI) effective November 1st, with fluctuations observed in the range of a few hundred dollars and/or more per container. History tells us that carriers tend to adjust these rates within seven to ten days after their announcement. We anticipate a similar pattern, yet we’ll closely monitor the situation as we approach mid-November.

Blank Sailings and Capacity Management

Carriers have officially announced the continuation of blank sailings this month and likely into the foreseeable future. The objective is to optimize container capacity on each vessel, a strategy that has been in place since the onset of 2023 Q4. These scheduling adjustments have significantly reduced available space for bookings, thereby amplifying the demand for container space. As we progress into the second month of Q4, this tactic will likely persist. The consequent surge in vessel bookings may lead to carriers being overbooked, resulting in booking delays and rollovers.

We encourage you to contact your local representative for further information and support. We are committed to keeping you informed as more details unfold about this ongoing situation.