PARIS–CMA CGM, the world’s third-largest container shipping company, Friday said it sold a 49% stake in its port operator Terminal Link to China Merchants for 400 million euros ($533 million) as part of the French company’s plan to reduce its debt.
Both companies said they will develop the port operations together and will seek to expand its reach. They expect to finalize the operation in the first half of this year.
CMA CGM, which is controlled by Lebanese-born businessman Jacques Saade and his family, is slowly recovering from financial difficulties in 2009, which stemmed from rising international oil prices, a slowing economy in Europe and a heavy debt burden. Its debt totaled $4.8 billion at the end of last year.
Since late 2010, CMA CGM partly reduced its debt by selling stakes of 20% and 6% to Turkish group Yildirim and French sovereign fund Fonds Strategique d’Investisement, respectively, through the sale of convertible bonds.
Write to Inti Landauro at [email protected]
(c) 2013 Dow Jones & Company
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
Container freight spot rates on the transpacific and Asia-Europe trades showed moderate gains this week, in the absence of carrier-led price hikes, while demand remained firm.
Global container freight rates continued their upward climb this week as tightening capacity and strong seasonal demand pushed prices higher across the key east-west trade lanes. According to the latest Drewry...
The CMA CGM Group has agreed to acquire FedEx Supply Chain from FedEx in a deal valued at $1.4 billion, significantly expanding its North American contract logistics business while establishing new long-term ocean and air cargo...
Subscribe to gCaptain Daily and stay informed with the latest global maritime and offshore news
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
