The shipping company CMA CGM published this Friday a new drop in its prices “to support the purchasing power of French households and the economy”, after a first gesture announced at the end of June.
The transport giant, with profits inflated by the crisis, will reduce its freight rates by 750 euros per 40-foot container to mainland France and Overseas Territories, that is, up to 25% of its prices, instead of the 500 euros initially planned.
The measure extends to all its clients in mainland France from August 1 and for one year, when it would be reserved for large retailers, the group said in a press release.
The company also announced a reduction of 100 euros per 40-foot container for all French exports. The third largest automaker in the world, CMA CGM, is in the sights of parliamentarians, from the left but also from the majority, who want to create a tax for companies that have made significant profits thanks to inflation.
Coming out of the red in 2020, the group posted a net profit of $7.2bn in the first quarter alone in early June, fueled by overheating shipping and disarray in global supply chains.
A “disadvantage” against the competition
CMA CGM chief executive Rodolphe Saadé defended himself during a Senate hearing on Wednesday, stressing that he was “ready to help” but did not want to be “the only one to pay.”
The executive noted that freight rates have fallen 40% in recent weeks, forecasting “a soft landing” for shipping after two years of overheating.
The company comes to support the Minister of Economy Bruno Le Maire, who defends the idea, instead of a tax, of voluntary contributions from companies.
Source: BFM TV
