13/09/2021
Spot-rate increases on hold at world’s 4th-largest ocean carrier until February 1.
Ocean carrier CMA-CGM has decided to stop all spot-rate increases on its routes (Source: Internet)
MARSEILLES, France – Ocean carrier CMA-CGM has decided to stop all spot-rate increases on its routes. This measure, announced on September 9, is effective from September 9 until February 1, 2022.
According to marineinsight.com, CMA-CGM is the world’s fourth-largest ocean carrier with a fleet of more than 560 ships with a 3 million-plus TEU capacity playing more than 150 sea routes.
According to the company, the move prioritizes long-term relationships with customers in the face of an unprecedented situation in the shipping industry. Since the beginning of 2021, spot-freight rates for container shipping have continued to rise due to port congestion and the major imbalance between demand and maritime container transport effective capacity.
While CMA-CGM expects continued increase in spot rates during coming months, the carrier group will put on hold any further increases in spot-freight rates for all services operated under its brands. Those include CMA-CGM, CNC, Containerships, Mercosul, ANL and APL.
In announcing the spot-rate cap, CMA-CGM said the group has increased the capacity of its operated fleet by 11% since December 31, 2019, through the addition of new vessels and the purchase of second-hand vessels. Over the past 15 months, the group has also increased its container fleet by 780,000 TEUs.
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