China is putting pressure on CMA CGM, one of the world’s biggest shipping companies, to keep a lid on record container freight costs, which have been driven up by a recovery in demand following the coronavirus pandemic.
“The market is so strong that they feel, the Chinese authorities, that at one point in time there needs to be a ceiling,” said Rodolphe Saadé, chairman and chief executive of Marseille-based CMA CGM in an interview with the Financial Times.
“And that is why they are saying you cannot do whatever you want, there are rules that need to be followed.”
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