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  • News
  • COVID-19
  • News in Vietnam
  • 27 September 2021

The world’s third largest shipping company commits not to increase freight rates in Vietnam

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This information was announced by Deputy Minister of Transport Nguyen Xuan Sang after a meeting with CMA-CGM on the afternoon of September 13.

Deputy Director of Vietnam Maritime Administration Hoang Hong Giang chaired an online meeting with a representative of the CMA-CGM Shipping Line in Vietnam. Accordingly, the leaders of the Vietnam Maritime Administration recognized and highly appreciated the role of the CMA-CGM shipping line in the export market of container goods by sea in Vietnam and its move in making the announcement commitment to customers about not raising prices.

The world’s third-largest shipping company, CMA-CGM, has just committed not to increase container freight rates from now until early February 2022 for Vietnamese goods. In addition, Vietnamese authorities also required this shipping company to ensure the source of containers and cargo space on board for the Vietnamese market.

In addition, they must also adjust the policies to manage prices, surcharges, and the activities of agents.

According to the Ministry of Transport, this commitment of CMA CGM is of great significance in the context that the sea freight market is scorching today. This is also a motivation to encourage other shipping lines not to increase freight rates shortly.

A representative of CMA-CGM said that statistics show that since the beginning of the year, CMA-CGM goods transported from the Vietnam market have grown by 20%. To meet the needs of customers, in addition to the price policy, CMA-CGM’s fleet of ships serving the service from Vietnam to the US of CMA-CGM has upgraded to a capacity of 15,000 TEUs.

In the first six months of the year, CMA-CGM also invested 360,000 new containers in solving the shortage of empty containers.

In addition to its role as a significant transporter in Vietnam, CMA-CGM invests capital in building a deep-sea port, typically Gemalink port in Cai Mep – Thi Vai, that can handle the world’s largest container ship in and out of operation motion.

The complicated developments of the Covid-19 epidemic on a global scale have resulted in port congestion worldwide, changed ship schedules, difficulty in supplying empty containers, disrupting the goods supply chain, affecting the supply chain, seriously involved import and export activities, pushed up freight rates to unprecedented heights.

Vietnam is a potential transportation market for significant shipping lines globally, with the second-highest growth rate in the region. The volume of goods through the seaport in recent years has increased by an average of 13% per year. Despite the impact of the Covid-19 epidemic, goods through seaports in 2020-2021 are still high.

(Source: vinamarine)