THE FRENCH FINANCE MINISTER URGED CMA-CGM TO SHARE ITS PROFITS TO HELP ALLEVIATE INFLATION, AND CMA-CGM ANNOUNCED THAT IT WOULD REDUCE SEA FREIGHT

It is reported that CMA-CGM announced yesterday that it had decided to take measures to reduce the cost of container transportation imported into France and its overseas territories. The move is in response to the appeal of the French government. On Wednesday, French finance minister le Maire pressed the country's largest energy company (total energies) and shipping company (CMA-CGM) to use part of their lucrative profits to help consumers cope with high inflation. Le Maire, the French finance minister, hopes that CMA-CGM will provide freight discounts to its customers and total energy will reduce the high prices of gas stations in the country. 

Le Maire said on French television on Wednesday: "during the crisis, a few companies made profits in industries such as energy or transportation... I hope they will put forward strong proposals to me in order to return part of the profits to the French people." He added: "if they choose not to take more action, we will fulfill our obligations." Preliminary official data released on Thursday showed that the inflation rate in France rose further in June from the previous month, reaching a record high of 6.5%. INSEE Statistics said that the sharp rise in energy and food costs drove consumer prices to 6.5% in June from 5.8% in May. ▎ CMA-CGM announced to reduce the sea freight yesterday, CMA-CGM issued a statement saying that after consultation with the Ministry of economy, finance, industry and digital sovereignty, CMA-CGM group decided to take targeted measures to contribute to reducing the consumer price of French households. Specific measures include: ▪ For all goods imported by major French retailers, the freight rate per 40 foot container will be reduced by 500 euros ($520). For consumer goods imported through French ports, Daffy will provide its retail customers with a discount of 500 euros per 40 foot container. The company said that this measure means that the sea freight has been reduced by nearly 10%. CMA-CGM also said that in order to maximize its impact and ensure the effective reduction of consumer goods prices, this measure must be implemented together with these brands. ▪ Reduce the container freight of all goods imported into the French overseas territories. For all goods imported into the French overseas territories, the freight of a 40ft container can be reduced by up to 500 euros. CMA-CGM said that this decrease is equivalent to a 10% to 20% reduction in freight, depending on different destinations. CMA-CGM said in the statement that these measures will be implemented from August 1, 2022 and will be valid for one year. And called on retail chains to pass on the reduced prices to consumer