Definition
A carrier-announced increase to base ocean freight rates on a trade lane, effective from a set date.
A General Rate Increase is a scheduled, lane-wide hike to base freight rates that carriers announce in advance, typically to reset spot pricing upward when demand is strong or capacity is tight. It applies to all cargo on the affected route from the effective date.
GRIs may stick fully, partially, or be rolled back depending on market conditions. Forwarders watch GRI announcements closely to time bookings, lock rates, and advise shippers before increases take effect.
Related terms
Bunker Adjustment Factor (BAF)
A surcharge that adjusts ocean freight for fluctuations in the price of marine fuel (bunker).
Currency Adjustment Factor (CAF)
A surcharge that adjusts freight for exchange-rate fluctuations between the billing and base currencies.
Ocean Freight
The transport of goods by sea, the dominant mode for high-volume international trade.
Terminal Handling Charge (THC)
A fee charged by the port terminal for handling a container between the vessel and the yard.
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