The Situation of Ocean Freight

According to the latest news, CMA CGM, the world's third largest container shipping company, issued an emergency announcement on September 9th: From now until February 1, 2022, CMA CGM suspends spot freight increases worldwide!

CMA CGM stated in the announcement that although these market-driven freight rates are expected to continue to rise in the next few months, the CMA CGM Group has decided to suspend all its services (CMA CGM, CNC, container ship, Mercosul, ANL, APL)'s spot freight is further increased.

The decision to freeze spot rate increases will take effect immediately! The validity period is from September 9, 2021 to February 1, 2022, and the time span will be close to 5 months!

CMA CGM stated in the announcement that since the beginning of 2021, due to factors such as port congestion, serious imbalance in demand and the effective capacity of ocean container transportation, the spot freight rates of container shipping have continued to rise.

The decision is based on the consideration of prioritizing the development of long-term relationships with customers, hoping to work with customers to face unprecedented challenges in the current global shipping industry.

When CMA CGM announced this news, the market freight rates continued to rise, and the regulatory authorities of various countries were paying more and more attention to shipping companies.

In terms of supervision, the United States, Europe and China held an online summit on September 7 to discuss supply chain bottlenecks and regulatory issues in the container industry.

Last month, the "Ocean Shipping Reform Act" (Ocean Shipping Reform Act) was submitted to the House of Representatives against the practices of shipping companies in the United States.

In July of this year, the Federal Maritime Commission signed a cooperation agreement with the anti-competitive department of the Ministry of Justice for the first time.