ShippingWatch

CMA CGM confirms Chinese pressure after sky high container rates

As the first big container line, CMA CGM now confirms that China is putting pressure on container majors, as described by ShippingWatch a few months back. According to CMA CGM's chief executive, China wants to cap rates, he tells Financial Times.

Rodolphe Saadé, chief executive officer, CMA CGM. Photo: PR / CMA CGM

French container major CMA CGM now confirms that China is putting pressure on the large container lines to put a cap on the record high rates that have been pushed up by a recovery in demand in the wake of the coronavirus crisis, says the French company's CEO Rodolphe Saadé in an interview with Financial Times.

"The market is so strong that they feel, the Chinese authorities, that at one point in time there needs to be a ceiling. And that is why they are saying you cannot do whatever you want, there are rules that need to be followed," Saadé tells Financial Times.

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