Shipping Rates Surge: Carriers Impose GRIs Up to $3,000 as Peak Season Looms
Publish Time: 2025-05-14 Origin: Site
Key Developments:
Major GRIs Announced:
$1,000/FEU: ONE
$2,000/FEU: CMA CGM, Yang Ming, ZIM
$3,000/FEU: COSCO, HMM, Hapag-Lloyd, Evergreen
Effective May 15:
June 1: All 7 carriers will reapply identical GRIs.
Tariff-Driven Demand Spike:
US-China tariff cuts (115% reduction) + 90-day grace period trigger early peak season.
Importers rush to ship before tariff window closes, with volumes potentially exceeding COVID-era peaks.
Market Impact:
SCFI Index: US West Coast rates up 3% WoW to $2,347/FEU (May 10).
Spot Rates: Expected to surpass $3,000/FEU in coming weeks as inventory restocking accelerates.
Why This Matters
Capacity Crunch: Carriers slash sailings (12% blanked in May) to prop up rates.
Retail Pressure: US importers face double whammy of tariff deadlines + holiday demand.
Financials: Yang Ming reports 23% profit drop in Q1 2025 but sees tariff truce boosting Q2 volumes.
Pro Tips for Shippers:
? Lock rates now – June GRIs likely to stick if demand surges.
? Consider alternatives – Rail/air for time-sensitive cargo.
? Monitor inventories – Post-tariff restocking may extend rate hikes into Q3.
Outlook: "This could be the first real GRI success in months," warns Linerlytica, noting carriers' pricing power hinges on sustained demand.