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1 min read  | Shipping rates

Xeneta Says: July GRIs Hitting with Far East Main - N.Europe Market Average Price up 90%

Katherine Barrios  | June 30, 2016

The industry is abuzz today with the announced July GRIs for the popular China Main ports - North Europe Main ports corridor by all main carriers. The Xeneta platform is already reporting today (as rates continue to populate the platform) a 90% increase in market average prices for a 40' container from China Main ports - North Europe Main ports with a market average price of $1859 coming into play from July 1. 

Xeneta_China_Main-N.Europe_Main.jpg

Figure: Xeneta Platform. China Main ports - N.Europe Main ports, 40' container | Market average price short-term contracts | June 30, 2015 - July 1, 2016,

Even more alarming are rates in Xeneta going up to $3000 for the same corridor from July 1. 

In addition, this price spike is not only evident by data already pouring in to Xeneta from shippers and freight forwarders, but also from our industry sources rattled by the immense initial spike. 

As we move into July, it will be interesting to see what effects this GRI will have for the summer season. Will the spike stick or will it be a short-lived like May's GRI?

If it sticks, shippers and freight forwarders will have a huge plight and be worried sick of the risk of short-shipped or rolled cargo as noted by Xeneta earlier in June after looking at the May rates.  

As rates continue to populate the Xeneta platform for the next few days, we will report back the effect of July's GRIs.

Stay tuned. 

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