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Media: CMA CGM halts spot freight rate increases until February 2022Media: CMA CGM halts spot freight rate increases until February 2022 |
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Shipping giant CMA CGM in an official statement on 9 September 2021 announced that the company has decided to stop lifting all spot freight rates effective immediately until 1 February 2022 in a gesture to customers.
The statement added, “Although these market-driven rate increases are expected to continue in the coming months, the Group has decided to put any further increases in spot freight rates on hold for all services operated under its brands (CMA CGM, CNC, Containerships, Mercosul, ANL, APL).”
The company has been adding new vessels since December 2019, increasing its fleet capacity by 11%.
The global shipping costs have skyrocketed due to the heavy port congestion as a result of the pandemic and the sharp rebound in demand. The vessel and container shortages have been exacerbated by the recent port lockdowns in China to curb the spread of COVID-19.
