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CMA CGM Announces Rate Adjustments on Asia-Europe Trade Route

by Daisy D.
01/15/2024
in Importing & Exporting, Industry, Logistics & Transportation, Supply Chain

CMA CGM, the French carrier, is preparing to implement a significant rate increase on the Asia-Europe trade lane effective from January 1st. The proposed rate increase specifically applies to its Asia to North Europe/west Mediterranean FAK (freight all kinds) rates, which are set to rise to $3,000 per 40ft container.

This move comes after recent rate adjustments by CMA CGM, where the 40ft rate for the Asia-North Europe route was increased to $1,800 on December 1st and further raised to $2,000 from December 15th. However, these rate hikes have had limited impact on the spot market, as carriers continue to offer competitive rates through their spot platforms and NVOCCs.

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While container spot rates have started to show signs of an upward trend this week, with a 15% increase in Xeneta’s XSI Asia-North Europe component, reaching an average of $1,431 per 40ft container, carriers still offer lower rates on their spot platforms or through NVOCCs.

In fact, an unsolicited offer of $1,000 for a 40ft container from Shenzhen, Ningbo, Shanghai, or Qingdao to Hamburg, Rotterdam, or Antwerp was received today by The Loadstar from a Shenzhen-based forwarder, valid until December 14th.

Despite these competitive offers, reports from The Loadstar’s shipper contacts indicate that carriers are declining some short-term deals made via online booking platforms. Shippers are encountering responses like “fully booked” or “not available” when attempting to book online.

It appears that Asia-Europe carriers are employing a strategy of proposing substantial FAK rate increases to secure more favorable pricing agreements. This tactic is possibly aimed at disrupting the spot markets before new Asia-Europe contract negotiations, with the goal of convincing shippers to sign new contracts at premium rates compared to the volatile spot indices.

Some contract deals are reportedly being negotiated at levels similar to spot rates, according to AGX, a Singapore-based collaboration platform for forwarders and importers. AGX noted that annual deals are facing challenges due to the expected capacity influx in the coming year, with initial carrier offers for Asia-Europe routes falling within the “three digits” range.

Nevertheless, some carrier negotiators have been advised to decline low-rated deals and consider only short-term agreements. This approach is indicative of carriers seeking to restore rates and improve contract terms.

The transpacific trade route is also under the scrutiny of carriers in terms of rate adjustments. MSC recently announced new FAK rates from Asia to the US, effective from December 15th until the end of the year. These rates amount to $1,800 per 40ft for US west coast ports and $3,000 per 40ft for the east coast, with an additional $400 for Gulf coast ports.

In comparison, Xeneta’s average spot rate for the US west coast decreased by 3% this week to $1,652 per 40ft container.

Explore the newest supply chain news at The Supply Chain Report. Visit ADAMftd.com for free international trade tools.

#CMACGM #AsiaEuropeTrade #FreightRates #ShippingIndustry #ContainerShipping #Logistics #NVOCC #SpotMarket #ShippingContracts #RateIncrease #SupplyChain #MSC #Xeneta #Forwarders #ShippingNews

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