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Ocean Freight Rates on the Rise With No End in Sight!

As we have been accustomed to seeing over the past year and a half, additional ocean freight rate increases are on the way again; this time beginning in the third quarter of 2021. So, as we get closer to Peak shipping season, we can be assured that this trend is now officially the norm, rather than the exception. And, what we have been learning over the past year and a half is that all importer’s freight budgets will be tested to the limit and beyond. At what point will we see companies cutting back on imports especially for those products with small margins of profit. On the other hand, will this trend now entice more and more companies to source their goods closer to home? Only time will tell!

Effective July 1, 2021, a General Rate Increase (GRI) has been filed for all cargo imported from Asia ports of loading, to U.S.A., Canada, and Mexico ports/ramps of discharge.

The proposed increases are as follows:

USD 900 / 20′

USD 1,000 / 40′

USD 1,125 / 40′ HQ

USD 1,125 / 40′ Reefer

USD 1,266 / 45′

USD 1,600 / 53′

Looking to gain control over rising costs? Contact ICC today to learn more.

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