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 Ade
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

Three Ships To Depart Ukraine As First Inbound Ship Awaits Inspection

Three Ships To Depart Ukraine As First Inbound Ship Awaits Inspection

August 8, 2022
World’s Largest Containership Floated Out for MSC at Chinese Shipyard

World’s Largest Containership Floated Out for MSC at Chinese Shipyard

August 8, 2022
Record TEU Transits Panama Canal on CMA CGM Boxship

Record TEU Transits Panama Canal on CMA CGM Boxship

August 8, 2022
EU Retail Sales Volumes Fall 1.3%, Indicating Further Weakening Of Container Imports

EU Retail Sales Volumes Fall 1.3%, Indicating Further Weakening Of Container Imports

August 8, 2022

Discussion about this post

Latest News

NPA Assures FG Of Concluding Renewal Of Port Concession In 45 Days

NPA Assures FG Of Concluding Renewal Of Port Concession In 45 Days

August 13, 2022

Minister Lauds SIFAX Group, Pledges FG Support

Customs Collects N1.293trn Revenue In Six Months – Official

Navy Hands Over 11 Crew Members, Trawler To Fishery Agency In Bayelsa

NEPC Urges Exporters To Utilise Bank Interventions For Exports

NNPC Ltd Launches Crude Theft Monitoring Applications

Cargo Airport Will Showcase Ekiti To The World – House Of Assembly

Vessel To Collect First Humanitarian Wheat Shipment Under Ukraine Grain Deal – UN

VESSELS EXPECTED AT LAGOS PORT AS AT SATURDAY 13, AUGUST 2022

FG To Begin Products’ Certification Before Export

SON Inaugurates Committee To Promote Best Education Practices

Troops Apprehend 10 Pipeline Vandals, 2 High Profile Sea Pirates

kindly like our Facebook page

Health

Early Detection Of Heart-Related Diseases Crucial To Preventing Sudden Death — Cardiologist
Health

Early Detection Of Heart-Related Diseases Crucial To Preventing Sudden Death — Cardiologist

August 8, 2022

An Interventional Cardiologist and the founder of Heart Diseases Prevention and Training Centre, Nsukka, Dr. Camellus Ezeugwu, says detecting heart-related...

Monkeypox: WHO Advocates Global Investment In Vaccine As 70 Countries Affected

Monkeypox: WHO Advocates Global Investment In Vaccine As 70 Countries Affected

August 8, 2022
NIMR investigates Covid-19 vaccine effectiveness, side effects among Nigerians

NIMR investigates Covid-19 vaccine effectiveness, side effects among Nigerians

August 1, 2022
COVID-19: Fifth Wave Looms As Nigeria Records Three Deaths In One Week

COVID-19: Fifth Wave Looms As Nigeria Records Three Deaths In One Week

August 1, 2022
Reduce Sex Partners To Prevent Monkeypox, WHO Urges Men At Risk

Reduce Sex Partners To Prevent Monkeypox, WHO Urges Men At Risk

August 1, 2022
Researchers Caution Against Adding Salt To Foods, Say It Can Reduce Life Expectancy, Cause Death

Researchers Caution Against Adding Salt To Foods, Say It Can Reduce Life Expectancy, Cause Death

August 1, 2022
WHO Advocates Right Strategies To Stop Monkeypox Outbreak

WHO Advocates Right Strategies To Stop Monkeypox Outbreak

August 1, 2022
Over 25m Nigerians Fully Vaccinated Against COVID-19 In 36 States, FCT, Says NPHCDA

Over 25m Nigerians Fully Vaccinated Against COVID-19 In 36 States, FCT, Says NPHCDA

July 25, 2022
Study Reveals Blood Thickness Could Increase Risk Of COVID-19 Complications, Death

Study Reveals Blood Thickness Could Increase Risk Of COVID-19 Complications, Death

July 25, 2022
Nigerian At Risk Of Marburg virus disease – NCDC Warns

Nigerian At Risk Of Marburg virus disease – NCDC Warns

July 25, 2022
Doctors Warn Against Excessive Herbal Products Intake

Doctors Warn Against Excessive Herbal Products Intake

July 25, 2022

© 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