Container shipping giant CMA CGM will freeze any further spot rate increases across all services operated under its brands until February 1, 2022.
The rate freeze came into effect on September 9, 2021.
CMA CGM said that 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 the measures introduced CMA CGM said that it aims to strengthen its customer relationships and provide support as they navigate today’s difficult supply chain challenges.
Since December 31, 2019, the carrier has increased the size of its operating fleet by 11 percent through the addition of new vessels and the purchase of second-hand vessels. Over the last 15 months, the group said it has also increased its container fleet by 780,000 teu.