Freight Cost Increase: GRI Update, April 2024
A new round of freight cost increase is around the corner. Leading shipping companies have announced their GRIs within 15 days in a row, including Hapag-Lloyd, Wan Hai Lines, MSC Mediterranean Shipping Company, HMM Company Limited.
Intercontinental Routes involving Asia, Latin America, Europe, the US, Canada are being affected.
From April 8, 2024, according to the official release from Hapag-Lloyd, “A General Rate Increase (GRI) from Asia [excluding Japan] to the West Coast of Latin America, Mexico, Caribbean, Central America and Latin America East Coast...is coming up.” This GRI applies to all containers effective from April 8, 2024 (to Puerto Rico, Virgin Islands, US from April 28, 2024) and remains in effect until further notice.
Freight cost increase by Hapag-Lloyd in detail:
- 20' Dry Container: USD 1000
- 40' Dry Container: USD 1000
- 40' High Cube Container: USD 1000
- 40’ Non-operative Reefer Container: USD 1000
This is a follow-up to a previous GRI by Hapag-Lloyd, a $900 per container freight cost increase rolled out on March 18. That is to say, a combined $1900 freight cost increase per container awaits.
Source: Hapag-Lloyd offcial website
In addition to Hapag-Lloyd, Wan Hai Lines announced 2 consecutive freight cost increases in less than 14 days. On March 29, Wan Hai issued for the second time a $50 increase for small containers and a $100 increase for large containers for shipments from all regions of China to the Asian region (intercontinental segments) due to "rising operating costs", effective from the 15th week (April 8) onwards.
Source: Wan Hai Lines official website
So far, if worrying freight cost increase obstacles your shipping decisions, you are always welcome to compare rates and get quote with YQN.
Effective from April 8 as well, MSC Mediterranean Shipping Company declares freight cost increase for all new bookings applicable to all ports in “North Europe (including UK, Scan Baltic), Mediterranean (including West Med, Adriatic, East Med, Greece, Turkey) and Black Sea to all ports in Far East and Middle East Gulf.”
Freight cost increase examples demonstrated as below:
Source: MSC official website
The narrative unfolds further. Effective on May 1, there will be a GRl for service ex all origins to USA, Canada and Mexico, as per below quantum, says HMM Company Limited. Another freight cost increase in the approaching future.
Source: HMM official website
As always, YQN Logistics is here to help, with competitive rates, reliable shipping plans, and intelligent logistics solutions. Please reach out if you have any questions or concerns.
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YQN Operation Team
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