CMA CGM announces a Rate Restoration Initiative

As costs of bunker fuel, logistics and M&R continue to rise to record levels and to close the gap between breakeven and market rates, CMA CGM has decided to file a Rate Restoration Initiative (RRI) for reefer containers from the United States to Asia, effective October 1st, 2012.
The above Rate Restoration Initiative will be applied as follows:
Effective October 1st, 2012:
§  From US to Asia
+ $711 per 20’ RF
+ $1000 per 40’ RH
Expected rate levels for citrus and protein in the upcoming seasons will be as follows:
Concerning citrus cargo:
§  From US West Coast to Hong Kong
$3600 per 40’ RH & DTHC
§  From US West Coast to China
$3900 per 40’ RH
Concerning protein cargo:
§  From US East Coast to Hong Kong
$3500 per 40’ RH & DTHC
§  From US East Coast to China
$3800 per 40’ RH
While CMA CGM appreciates that this is a significant increase, it will enable the Group to maintain the service levels that clients require and allow the Group to continue investing in refrigerated assets.