shippingposition
  • Home
  • News
  • Editorial
    • Vox Pop
  • Maritime safety
  • Oil and Gas
  • Personality
  • Health
No Result
View All Result
shippingposition

Home » CMA CGM Suspends Spot Rate Increases Until February 2022

CMA CGM Suspends Spot Rate Increases Until February 2022

by Joshua
September 13, 2021
in Coast To Coast

French shipping giant CMA CGM, the world’s number 3 ocean carrier by capacity, says it will stop increasing spot charter rates effectively immediately even as rates continue to soar.

CMA CGM

The policy will be in place until February 1, 2022. The group said the move is part of a plan to prioritize long-term relationships with its customers “in the face of an unprecedented situation in the shipping industry.”

Spot charters are one-off charters for single voyages, as opposed to time charters where ships are hired for an extended period of time.

“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 company said in its announcement of the policy.

“Although these market-driven rate increases are expected to continue in the coming months, the Group has decided to put any further increases in spot freight rates on hold for all services operated under its brands.”

Read Also:  Suez Canal Gives Free Passage To World’s Newest Hospital Ship

Brands included are: CMA CGM, CNC, Containerships, Mercosul, ANL, APL.

“CMA CGM is also investing heavily to strengthen its service offering. 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 last 15 months, the Group has also increased its container fleet by 780,000 TEUs,” CMA CGM said.

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

CMA CGM in June reported a Q1 2021 net profit of $2.1 billion, a more than 2,000% increase compared to Q1 2020.

shippingposition

Kindly like us on Facebook


Tags: CMA CGM

Related Posts

Mawani Grants SGP Four 20-Year Port Concessions

Mawani Grants SGP Four 20-Year Port Concessions

June 30, 2025
Ningbo-Zhoushan Container Volumes Hit New Record In H1

Ningbo-Zhoushan Container Volumes Hit New Record In H1

June 30, 2025
IMO Agrees To Start Revision Of Outdated Regulations For Nuclear-Powered Ships

IMO Agrees To Start Revision Of Outdated Regulations For Nuclear-Powered Ships

June 30, 2025
Ships Near Hormuz Sending Unusual Messages to Deter Attacks

Ships Near Hormuz Sending Unusual Messages to Deter Attacks

June 30, 2025

Discussion about this post

Latest News

NPA Bags NASS PAC Transparency Award

NPA Bags NASS PAC Transparency Award

July 12, 2025

Nigeria Customs Says Claim Of Form ‘M’ Migration Charges False

CRFFN Showcases Reform Milestones, Dismisses Court Ruling Misinterpretation

NCMDLCA Faction Distances Self from Amiwero’s Court Action, Backs CRFFN on POF Collection

Customs Intercepts ₦9.2bn Worth of Fake Bedroom Booster, Others

Customs, NAFDAC Inaugurate Implementation Committee for 2024 MoU

Nigeria Customs Intercepts Container with Over 10,000 Donkey Genitals

Senate Hails Adeniyi’s Election as WCO Council Chair, Says It’s  a Major Win for Nigeria’s Global Trade Leadership

Oyetola Launches Door-to-Door’ Diplomacy for Nigeria’s IMO Council Bid

FG Urged To Link Warri-Itakpe Rail To Inland Ports, Road Networks

Red Sea Operation Rescues 4 More From Cargo Ship Sunk By Houthis

Shippers’ Council Set to Establish Border Information Centre at Idiroko, Bolster Trade Efficiency

kindly like our Facebook page

Health

Contraceptive Pills Can’t Cause Cervical Cancer – Expert
Health

Contraceptive Pills Can’t Cause Cervical Cancer – Expert

June 30, 2025

Mrs Roseline Akinlabi, Adolescent and Youth Sexual Reproductive Health Desk Officer, Osun Primary Healthcare Board, says contraceptive pills cannot cause...

ONIONS: The Good Old Healing Vegetable

KNOW YOUR BODY PARTS: The Liver

June 16, 2025
ONIONS: The Good Old Healing Vegetable

ONIONS: The Good Old Healing Vegetable

June 16, 2025
Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

June 1, 2025
20m Nigerians Live With Mental Health Issues, Says WHO

20m Nigerians Live With Mental Health Issues, Says WHO

June 1, 2025
Health Facts You Didn’t Know

How Your Habit Affects Fertility

May 19, 2025
Fruits For Raining Season

Fruits For Raining Season

May 19, 2025
See Mental Illness Like Other Treatable Diseases – Says Suicide Survivor

Health Facts You Didn’t Know

May 19, 2025
Alligator Pepper: Benefits, FAQ, Side Effects, & Warning

Alligator Pepper: Benefits, FAQ, Side Effects, & Warning

April 28, 2025
Water And Health: The Relationship That Helps Life

Water And Health: The Relationship That Helps Life

April 28, 2025

© 2021 Shippingposition

Navigate Site

  • Home
  • About Us
  • Contact us
  • Privacy Policy
  • Sitemap
  • Terms

Follow Us

No Result
View All Result
  • News
  • Coast To Coast
  • Oil and Gas
  • Maritime Education
  • The Terminals
  • Maritime safety

© 2021 Shippingposition