Market Update – August 2023
Dear Valued Clients,
It has been indicated that a planned General Rate Increase (GRI) will take effect in mid-August 2023. Shipping lines have been pushing for GRIs for a few months, which have been marginally successful at best. However, plans to reduce space by the lines to increase demand and increase rates seem to be working and we expect this tactic to continue as the year unfolds. Initial news of an August GRI hinted at a figure around 300/TEU, however, we expect this to sit at around 150/TEU.
- Confirmed Blank Sailings are:
- A3C blank on the 1stweek of August
- CAT blank on the 4thweek of August
- Potential blank sailing is NEAX on the 3rd week of August
- Most sailings are expected to be full due to reduced supply
With the recent strong forecast in August, we are confident shipping lines will implement GRI whenever they can. Assuming carriers are using the blank sailing policy to push up the rate for the preparation of the potential “peak” season in October 2023, it is expected that we will have another push for a 300/600 increase in September 2023.
If you have any questions or would like to discuss this further, please kindly reach out to your SILA Sales representative directly or sales@sila.net.au