CMA CGM and Hapag-Lloyd Halt Spot Rate Increases 13/09/21

The huge imbalance between demand and supply, as well as port congestion, has pushed spot rates to unprecedented levels in 2021. However, on Thursday 9^th September, container line CMA CGM announced that any further increase in spot rates would be halted with immediate effect until 1^st February 2022.

CMA CGM said that despite the likelihood that market-driven rate increases would continue, they would no longer be passing these additional costs on to customers. This applies to all services operated under its brands (CMA CGM, CNC, Containerships, Mercosul, ANL and APL).

The measures introduced are aimed at strengthening customer relationships and providing support to navigate current supply chain challenges.

Hapag-Lloyd has now also made the decision to cap spot freight rates on containerised cargoes in the hope that market rates may be restored to more reasonable levels. They said they have not imposed any further hikes for a number of weeks and that the rate freeze would be in effect “for the time being”.

It is not yet known whether any other carriers will follow suit.

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