What is a General Rate Increase (GRI)?
An ocean freight GRI (General Rate Increase) is a price adjustment posted by the shipping carriers and is generally a result of increased demand. While a GRI can happen at any time, they are most often applied during peak seasons (such as Lunar New Year) and have frequently occurred during the COVID-19 pandemic.
In the United States, carriers must publish the maximum expected GRI a month in advance and it may not exceed this rate (although some GRIs can be lower than the published rate).
When a GRI comes into effect, it affects all cargo not yet loaded onto a ship - irrespective of when the shipment was booked. Most forwarders will take GRI’s into account when quoting, or warn their customers that a GRI is coming up.
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