Shipping giant freezes rates amid trade chaosCOST CONCERNS: With an eightfold rise in shipping fees during the pandemic, one carrier is acting on pressure coming from customers and regulatorsBloombergThe world’s third-largest container carrier is capping spot rates for ocean freight for the next five months, it said on Thursday, yielding to pressure from some customers and regulators who are concerned that global trade disruptions have pushed the cost of shipping too high. “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,” CMA CGM SA said in a statement on its Web site. Global supply chains, with container shipping as their backbone, are struggling to keep pace with the demand for goods and overcome labor disruptions caused by COVID-19 outbreaks. Separately on Thursday, the Federal Maritime Commission in Washington announced the membership of its newly formed National Shipper Advisory Committee. The panel of 24 members representing exporters and importers would “advise the commission on policies relating to the competitiveness, reliability, integrity, and fairness of the international ocean freight delivery system.”

Source: Taipei Times September 10, 2021 15:56 UTC