Ocean carriers have announced a GRI effective April 15th for $540/$600 per 20’/40’ container for Port to Port and $720/$800 for anything moving over the rail to inland locations. Carriers have not successfully implemented these increases in the past, but we see blank sailings increasing, which is tightening capacity.
This is more severe on the West Coast as vessels leave Asia full. At the same time, the carriers have pulled 70,000 TEU per week, equaling 25% of weekly capacity to the West Coast. East Coast vessels are not as full with 90% load factors, but we see the carriers continue to pull capacity with blank sailings to push the rates up in April.
We don’t foresee the full amounts of the GRI sticking, but we will continue to monitor the market and provide updates.