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According to CMA CGM, westbound transatlantic ocean rates have now hit “unsustainable levels.”
The French carrier announced a raft of FAK (freight all kinds) increases on Friday, an endeavour to drive rates back up on a route that has become, as one liner executive described it, “a total disaster.”
Indeed, Xeneta’s XSI North Europe to U.S. east coast average rate per 40ft slumped from $7,700 a year ago to just $1,327 last week.
Read more in an article from The Loadstar.