PARIS, Sept 9 (Reuters) – French container shipping group CMA CGM said on Thursday it was stopping all increases in its spot freight rates until Feb. 1, 2022 following a rise in prices this year.
“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,” it said in a statement.
Shipping rates have surged amid congestion at ports and saturated vessel capacity linked to the coronavirus pandemic.
Reporting by Gus Trompiz; Editing by Edmund Blair