Industry News

PROPOSED RATE RESTORATION (GRI) 1ST AUGUST 2023 - EX KOREA, CHINA, HONG KONG AND TAIWAN TO AUSTRALIA

Attachments: With this article are the following attachments

Attachment title here...

Attachment title here...

TCF have received advice in the last week from most of the shipping lines, that they are proposing to implement a Rate Restoration (RR/GRI) effective from sailings on and after the 1st August 2023

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

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

The global shipping industry has been experiencing significant challenges and disruptions over the past 6 to 9 months, and the China to Australia trade lane has been no exception. A myriad of factors, including port congestion, equipment shortages, and post pandemic-related disruptions, has placed immense pressure on shipping operations, leading to rising costs for shipping lines.

Whilst previously announced increases have not lasted or have been passed on in smaller quantities, the shipping lines are reporting that the market conditions and the current pricing levels are unsustainable. 

With the rapid reductions in FCL pricing over the last 12 months down to record lows, it is expected that these latest announcements will be passed on in full.

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 - 175.00

40’:   USD 300.00 - 350.00

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.