CMA CGM announces lower ocean freight rates

French Finance Minister Le Maire wants CMA CGM to offer its customers discounts on shipping costs and Total Energies to reduce exorbitant prices at the country's gas stations.

"During the crisis, a small number of companies make profits in sectors such as energy or transport ... I hope they make strong proposals to me to return part of the profits to the French people," Le Maire said on French television on Wednesday, adding that : "If they choose not to do more, we will meet our obligations."
French inflation climbed further in June from the previous month to a record high of 6.5 percent, preliminary official data showed on Thursday. The sharp rise in energy and food costs pushed consumer prices up to 6.5% in June from 5.8% in May, the Insee statistics agency said.

▎CMA CGM announced to reduce ocean freight
Yesterday, CMA CGM issued a statement saying that after consultation with the Ministry of Economy, Finance, Industry and Digital Sovereignty, the CMA CGM Group has decided to take targeted measures to contribute to lowering consumer prices for French households.

Specific measures include:
▪ EUR 500 (USD 520) per 40-foot container for all goods imported by major French retailers
For consumer goods imported through French ports, CMA CGM will offer its retailer customers a discount of 500 euros per 40-foot container. The company said the measure meant a nearly 10% reduction in ocean freight rates.
CMA CGM also said that in order to maximize its impact and ensure effective reductions in consumer prices, this measure must be implemented with the brands.
▪ Reduced container shipping rates for all goods imported into French overseas territories
For all goods imported into the French overseas territories, the shipping fee for a 40-foot container can be reduced by up to 500 euros. The drop equates to a 10% to 20% reduction in freight rates, depending on the destination, CMA CGM said.
CMA CGM said in a statement that the measures will be implemented from August 1, 2022, and will be valid for one year. And called on retail chains to pass on the reduced prices to consumers.


Source:https://www.sofreight.com/