CMA CGM Hikes Shipping Rates Between Asia and Mediterranean

Unlisted French shipping group CMA CGM increased its container shipping rates from Asia to the Mediterranean region by up to 100% as of Jan. 15 compared to Jan. 1, it said on its website on Tuesday.

A CMA CGM spokesperson declined to provide further details on the rate hikes when contacted by Reuters.

Shares in shipping companies have risen since attacks by Yemen-based Houthi militants on some vessels in the Red Sea on expectations that longer routes will result in higher freight rates.

(Reuters - Reporting by Sybille de La Hamaide, editing by Tassilo Hummel)