CMA CGM freezes all spot rates for five months

2021/09/10 at 8:47 AM

French shipping line CMA CGM has decided to freeze all spot rates for a five-month period. The frozen charges will be effective until 1 February 2022. At the same time, the company increased FAK rates for some of its services.

On Thursday, 9 September, CMA CGM implemented a remarkable decision for spot rates. Starting from that date, the shipping line stopped the increase of this kind of charge for all services operated under its brands (CMA CGM, CNC, Containerships, Mercosul, ANL, APL). The measure will run for five months, until 1 February 2022.

Extraordinary situation

CMA CGM explained its decision by an unprecedented situation in the shipping industry, which was caused by two key factors. “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,” the French company stated.

More capacity

In this regard, CMA CGM is actively investing in the development of its operations to meet customer requirements. The company increased the capacity of its operated fleet by 11 per cent since 31 December 2019 by acquiring new and second-hand vessels. Within the last 15 months, CMA CGM extended its container fleet by 780,000 TEUs.

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