Industry News

PROPOSED RATE RESTORATION (GRI) 15TH AUGUST 2023 - EX KOREA, CHINA, HONG KONG AND TAIWAN TO AUSTRALIA

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TCF have received advice in the last week from the shipping lines operating the North East Asia to Australia East Coast services, that they are proposing to implement a Rate Restoration (RR/GRI) effective from sailings on and after the 15th August 2023

This increase would apply to all imports from ports in Korea, China, Hong Kong, Japan and Taiwan to Australian East Coast base ports.

Please find examples in the links above from just two of the key carriers operating within this trade. 

With approximately 8000 teu of space allocation taken out of the trade in the first half of August by COSCO/OOCL & ANL predominantly, compounded by further vessel cancelations and the reshuffling of the NEAX sailing for the last week of August into September, an additional 10202 teu will be removed from the trade in the last few weeks of August. 

With demand increasing and with the reduced supply capacity it is expected that the increases the carriers are proposing will proceed.

Should the proposed RR/GRI go ahead as expected, the increases/surcharges will be levied as follows. Pricing increases will be adjusted should the full proposed GRI not be implemented: 

LCL: USD 10.00 per w/m

20’:   USD 150.00  

40’:   USD 300.00  

TCF will monitor the situation and provide further details should there be any changes or amendments in the coming week(s).

Should you have any questions or require further information relating to this subject, please contact your local sales or customer service representative.