In a major development, Maersk has announced that they are reducing their planned mid-September transpacific GRIs, thought to be due to China’s move to step in to reduce freight rates on the trade.
What is it?
Last week, Zest Shipping Media reported that Chinese authorities planned to interfere in pricing and capacity management on the transpacific as rates soared to record highs.
Dennis Zhou, founder of Zest, noted this morning that Maersk had quoted $4,200 for US west coast, and $5,000 for the east coast, and it was now $3,900 and $4,700
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Maersk first to cancel GRI and cut transpacific rates as China wades in
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Source: The LoadStar
