Numerous ocean carriers have advised of their intention to implement a rate restoration from North Asia to Australia effective December 15. This comes as slowing demand on this trade has reached levels where we are seeing an increased number of blank sailings, i.e. a sailing that has been cancelled by the carrier.
The advertised increases are as follows:
20’ Container: US$ 500.00
40’ Container: US$ 1000.00
LCL: US$ 20.00 per w/m
The GRI will be effective from load dates after December 15, and at this stage, will only impact trade from North Asia (China, Taiwan, and Korea) to Australia’s East Coast. No increases ex Southeast Asia have yet been advised.
Given the upcoming holiday season and with CNY not long after, we may see a situation where both schedules and market rates remain fluid as carriers work to find the balance between vessel supply and demand for space.
We will provide updates accordingly as there will likely be further changes leading to the planned commencement over the coming week. In the meantime, if you have any concerns, please get in touch with your local Kerry representative.