24.5 C
Hamburg
Friday, June 9, 2023
Evergreen Line
Evergreen Line
Evergreen Line
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

Contecon Manzanillo handles first carbon-neutral box in North America

Contecon Manzanillo, International Container Terminal Services, Inc.’s (ICTSI) Mexican business unit operating the Specialised Container Terminal 2 at the Mexican port, recently handled the...

Range-bound composite indices, US-China rates spike as transatlantic rates drop

A string of General Rate Increases (GRI) starting in March-April hasn't helped the container spot rates.The Shanghai Composite Index which had a momentary upside...

Tideworks Technology introduces simulated training tool for tractor drivers at Mexican terminal

Tideworks Technology, a full-service provider of terminal operating system (TOS) solutions, announced the successful installation of its newest product DriverSIM at Manzanillo International Terminal...

Asyad Line expands REX service to Saudi Arabia

The Saudi Ports Authority (Mawani) confirmed the addition of Jeddah Islamic Port in Saudi Arabia to Asyad Line's REX service port rotation.The new cargo...

Maersk’s subsidiary Hamburg Süd hit by largest FMC fine

Hamburg Süd, owned by Danish giant ocean carrier Maersk, received the largest penalty from the Federal Maritime Commission (FMC) for the OJ Commerce (OJC)...