CMA CGM Group halts spot rate increases

CMA CGM service connects Port of Hamburg to Turkish ports

CMA CGM Group will put any further increases in spot freight rates on hold for all services operated under its brands: CMA CGM, CNC, Containerships, Mercosul, ANL, and APL.

This measure is effective immediately from 9 September 2021 to 1 February 2022.

“The Group is prioritising its long-term relationship with customers in the face of an unprecedented situation in the shipping industry,” the group wrote in a release.

“Since the beginning of 2021, container shipping spot freight rates have continued to rise due to port congestion and the major imbalance between demand and maritime container transport effective capacity.

“Through these measures, CMA CGM aims at strengthening its valuable customer relationships and providing support as they navigate today’s difficult supply chain challenges.”

The Group said that it has increased the capacity of its operated fleet by 11% since 31 December 2019, through the addition of new vessels and the purchase of second-hand vessels.

The Group has also increased its container fleet by 780,000 TEU since April 2020.

The ongoing port congestion has led to booming profits for shipping liners: on 2 September CMA CGM Group reported it had increased its net profit to $3.5 billion for the second quarter of 2021.

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