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Hapag-Lloyd joins CMA CGM in freezing spot rates

German carrier joins CMA CGM in keeping prices on hold after unprecedented increases over the past month

10 Sep 2021 NEWS

Despite still strong market fundamentals, two of the world’s top container lines have pledged not to levy any further rate rises for the next few months. HAPAG-Lloyd has joined CMA CGM in placing a cap on spot freight rates for containerised cargoes.

The German container line told that it has not been imposing any further hikes for a few weeks.

“We believe spot rates have peaked, and we do not pursue further increases,” it said. “We hope that the market will slowly start to calm down.”

CMA CGM said in a customer advisory on September 9 that any further increases in spot rates would be halted with immediate effect until February 1.

This applies to all services operated under its brands, including CNC, Containerships, ANL, APL, and Mercosul, as well as CMA CGM.

Hapag-Lloyd said the rate freeze would be in effect “for the time being”.

Other container lines have been contacted to see if they will be following suit.

Spot rates, which cover a large share of containerised cargo, are driven by market forces and the huge surge in demand over the past year has pushed rates up to unprecedented levels.