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General Rate Increase (GRI)

General Rate Increase (GRI) refers to an increase in the amount charged by shipping lines for the transport of goods by sea. This increase is a result of rising operational costs such as fuel prices, equipment, and personnel expenses. Shipping lines often implement GRIs as a way to maintain profitability and cover the cost of providing shipping services. The frequency and amount of GRIs can vary based on market conditions and the specific shipping line.