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."
