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Shipping Giant CMA CGM Sees Softening of Global Freight Rates

  • CEO expects gradual decline to continue as demand drops off
  • Rodolphe Saade is traveling with France’s Macron in Algeria
A crew member looks at shipping containers at CMA CGM SA at the Port of Le Havre in Le Havre, France.

A crew member looks at shipping containers at CMA CGM SA at the Port of Le Havre in Le Havre, France.

Photographer: Nathan Laine/Bloomberg

French container line giant CMA CGM SA is seeing an across-the-board drop in shipping rates and a loosening of logistics bottlenecks in some regions as demand softens.

“What we’ve been seeing now for many weeks is a decrease of freight rates in almost all sectors,” Chief Executive Officer Rodolphe Saade said Friday in Algiers. “We expect that decrease to continue. I don’t think we’ll see a strong drop but rather a soft landing.”