3.9 C
Hamburg
Friday, November 26, 2021
Home Freight News Hapag-Lloyd confirms rates increase cessation

Hapag-Lloyd confirms rates increase cessation

Hapag-Lloyd is the second container carrier that announces the suspension in rate increases, following CMA CGM's decision to halt all spot rate increases until 1 February.

"We believe that spot rates have peaked and we do not pursue further increases," Tim Seifert, Director Corporate Communications of Hapag-Lloyd, told Container News.

He went on to add, "Our action focuses on the trades where we have seen extremely high Freight All Kind (FAK) rate levels, mainly from Asian origins, but also on some other non-Asian relations where FAK market rates have reached very high levels."

Seifert noted that the German box line is doing this for some weeks and for the time being, while he pointed out that he hopes "the market will slowly start to calm down."

Antonis Karamalegkos
Managing Editor

Latest Posts

Port of Tokyo handles more than 2.15 million TEU in eight months

The Port of Tokyo has processed 2,151,234 TEU during the first eight months of 2021, which translates to around 5% increase from the corresponding...

Konecranes and Cargotec disagree with CMA’s merger competition concerns

Konecranes and Cargotec have expressed their concerns about the Provisional Findings of the United Kingdom's Competition & Market Authority (CMA), about the announced merger...

Higher box prices forecast shadow over global economy’s recovery

The recovery of the global economy is threatened by high freight prices, which are likely to continue in the coming months, according to UNCTAD's...

2M Alliance stops calling Felixstowe on AE7/Condor service

The world's largest container shipping alliance, 2M Alliance has announced the removal of the Port of Felixstowe from its AE7/Condor service's rotation until March...

Samskip begins biofuel trial

The short sea operator Samskip is continuing its investments toward greener shipping by testing the bunkering of the 800TEU Samskip Innovator with biofuel, after...