"Effective immediately, and until February 1, 2022, the group is prioritising its long-term relationship with customers in the face of an unprecedented situation in the shipping industry," CMA CGM wrote in a customer announcement distributed on September 9. "Although these market-driven rate increases are expected to continue in the coming months, the group has decided to put any further increases in spot freight rates on hold for all services operated under its brands (CMA CGM, CNC, Containerships, Mercosul, ANL and APL)."

The announcement comes at a time when rates across the container shipping sector reach new heights and with shippers continuing to complain not only about skyrocketing costs but a shortage of capacity at any price, while carriers are recognising unprecedented levels of profits.

Coming at the busiest time of the year, sceptics pointed out that CMA CGM is likely fully booked with minimal space in the spot market. Yet the announcement sent a dramatic signal to the market. "CMA CGM aims at strengthening its valuable customer relationships and providing support as they navigate today's difficult supply chain challenges," they wrote while also highlighting that the company has increased the capacity of its fleet by 11 per cent since the beginning of 2020, adding more than 780,000 TEU in the past 15 months.

Market consultants Drewry reported recently that the 21st consecutive week of increases in its freight rate index, pushing it more than 300 per cent higher than the same week in 2020. Drewry's composite World Container index stands at US$10,083.84 per FEU. "Drewry expects rates to increase further in the coming week but steadily," they forecast in their analysis.

A further illustration of the soaring rates came last week when the Pittas family of Greece's container ship operator Euroseas reported, "the highest time charter rate ever achieved by any vessel in our fleet and one of the highest rates ever achieved in our industry."

Analysts are all carefully watching the market to see how CMA CGM's announcement will impact other carriers and how long rates can continue their record-setting pace.