Sigma Capital

16-09-2024

CMA-CGM decides to postpone the increase in freight from India, the Red Sea and Egypt to the US

Source: MIST

Al Mal-


French company CMA CGM has decided to postpone the increase in freight rates, known as peak season rates, for goods heading from the Indian subcontinent, the Middle East Gulf, the Red Sea, and Egypt to the US East Coast and the Gulf.

According to a special publication by the company, it was decided to postpone these rates from September 15 to October 15, 2024.

The company indicated in a statement that this increase is expected to reach $1,000 per container, over the prevailing prices for these goods.

During last July, according to Drewry data, shipping rates from Shanghai to Rotterdam increased by 20%, or $827, to reach $4,999/container, while prices from Shanghai to Los Angeles increased by 18%, or $801, to rise to $5,277 per unit.

Shanghai to Genoa rates also increased by 15% to $5,494 per container, and Shanghai to New York rates increased by 13% to $6,463 per container.

As part of its ongoing efforts to provide reliable and better quality service, CMA CGM is pleased to announce the enhancement of its service offering from Europe to West Africa, with the following new features:

- Casablanca will be served exclusively via the WAZZAN service, with a direct weekly link to Dakar.

- Freetown will be moved to MEDWAX and Dakar to WAZZAN, benefiting from comprehensive coverage via the Gibraltar hub.

- A new BIJAGOS service will be dedicated to the Gambia and Guinea-Bissau markets, offering competitive transit times.

The Wazan service will operate over 28 days as follows:

Rotation: Casablanca - Algeciras - Tangier - Nouakchott - Dakar - Nouadhibou - Las Palmas, with the first departure from the port of Casablanca scheduled for October 10, 2024.