Photo courtesy CMA CGM Iron docked in Singapore
By Francois de Beaupuy
May 12, 2025 (Bloomberg) –Rodolphe Saade, Chief Executive Officer of CMA CGM SA, the world’s third-largest container carrier, hailed a truce in the trade war between Washington and Beijing.
“For CMA CGM, it’s good news,” Saade said during a hearing in the French Senate on Monday. “We’ve lost 50% of our volumes toward the US since the start of this crisis.”
The French shipping giant and rivals such as A.P. Moller-Maersk A/S are among companies that have been hit by President Donald Trump’s protectionist shift.
The world’s two largest economies agreed on Monday to temporarily lower tariffs and de-escalate the trade war. The three-month lowering of import duties will give the countries time to negotiate a broader agreement on trade.
© 2025 Bloomberg L.P.
Sign up for gCaptain’s newsletter and never miss an update
Essential maritime and offshore news, insights, and updates delivered daily straight to your inbox
German container shipping firm Hapag-Lloyd HLAG.DE on Monday welcomed an agreement between the United States and China to temporarily slash reciprocal tariffs, saying it expected to be buoyed by a resulting increase in bookings from China to the U.S.
Trade flows – including ecommerce – are expected to restart on the transpacific after the initial new tariff agreement between the US and China. Talks over the weekend resulted in a huge reduction in tariffs – for 90 days.
Russia and China are looking to further expand their cooperation in Arctic shipping and energy projects, President Putin confirmed during a meeting with Chinese leader Xi in Moscow.
Subscribe to gCaptain Daily and stay informed with the latest global maritime and offshore news
Stay informed with the latest maritime and offshore news, delivered daily straight to your inbox
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
