Market instability is the new normal in the shipping industry. Shipping costs continue to soar in the lead up to the Golden Week as demand for space increases and schedule instability is still impacting overall capacity.
We are seeing further rate increases for September with carriers announcing General Rate Increases (GRI) between USD 300 to USD 500 per TEU, with MSC increasing their rates by USD1,000 per TEU.
Singapore congestion has eased off; however the situation is still dynamic and can change at any time. The transshipment delays have reduced to an average of about 2 weeks in Singapore.
Some carriers continue to experience insufficient equipment supply in China which is also impacting bookings.
All of these factors impacting cost and carriers are going through with their rate increases with a plan for September as follows:
To cover the cost of LCL freight, below update on the PSS implemented for the Asia trade lanes:
We also encourage our customers to place bookings at least 4 weeks in advance in order to secure space for the required sailing.
We will continue to work with our customers closely to ensure shipments meet delivery requirements and will continue to provide advice to secure most suitable sea freight service.
For time sensitive orders, please talk to us airfreight solutions.
