Glossary
GRI (General Rate Increase)
A GRI is a general rate increase that carriers can apply to their ocean freight rates.
What is a GRI?
The GRI is a general rate increase that all ocean carriers may choose to apply. U.S. regulation requires that carriers must announce any GRI at least 30 days in advance. Therefore, U.S. carriers tend to announce a GRI on the 1st of a given month, to take effect the 1st of the following month.
The GRI may vary significantly from month to month. The GRI may also vary between different carriers and trade lanes.
How long does a GRI last?
Even though carriers must announce a GRI 30 days in advance, they are free to lower rates at any time. As a result, freight rates tend to lower from week to week over the course of a given month, and then jump back up in the next month as a new GRI takes effect. At other times, the GRI may hold throughout the month, so it’s not always possible to predict how rates will change.
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Example of GRI Implementation
Carrier’s rate for July: $1000/40’
On July 1, carrier announces August 1 GRI of $500/40’
On August 1, the new rate will be: $1500/40’ ($1000 + $500 GRI)
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