China, the United States and Europe held a global maritime regulatory summit, top high shipping rate to fall?

On September 8, the official website of the US Federal Maritime Commission (FMC) announced that the Chinese Ministry of Communications, the US Maritime Commission and the European Union held a "Global Shipping Regulatory Summit." The conference was hosted by the European Commission and was held online on September 7th, local time.

The meeting discussed 3 maritime regulatory agencies’ current concerns:

1. After the outbreak of the new crown epidemic, analysis of the demand and supply related to international shipping, the current difficulties faced by the shipping industry, and the reasons for the impact on the shipping industry.

2. So far, in response to the foregoing incidents, the relevant jurisdictions and management authorities have taken response actions and their results.

3. What measures may be taken in the future to get the shipping industry back on track?

On September 9th, CMA CGM, the world's third largest shipping company on North American routes, suddenly announced that from now until February next year, all of its subsidiaries' spot (spot) freight rates will stop increasing.

CMA CGM stated that in the face of unprecedented shipping industry situation, the group puts its long-term relationship with customers first. Since 2021, due to factors such as port congestion, demand and the serious imbalance of container ship capacity, the spot freight rates of container transportation have continued to rise. Although these market-driven freight rates are expected to continue to rise in the next few months, the group It has been decided to freeze freight rates for its brands CMA CGM, CNC, Containerships, Mercosul, ANL, and APL until February 1, 2022.