by Gus Trompiz (Reuters) - Container shipping group CMA CGM on Friday reported higher second-quarter profits and said it expects results to improve again in the current quarter as the shipping sector recovers quickly from disruption caused by the coronavirus pandemic. French-based CMA CGM recorded a net profit of $136 million for the second quarter compared with a … [Read more...]
CMA CGM Sells 90 Percent Stake in Port of Los Angeles Container Terminal
PARIS, July 3 (Reuters) - French container shipping firm CMA CGM said on Monday it had agreed to sell a 90 percent stake in a Los Angeles terminal to infrastructure funds for $817 million in cash. CMA CGM will retain a 10 percent interest in the Global Gateway South terminal after the deal with funds EQT Infrastructure and its partner P5 Infrastructure, the company said in a … [Read more...]
CMA CGM Has Already Paid Down Half of NOL Takeover Loan
PARIS, Oct 20 (Reuters) - CMA CGM, the world's third-largest container shipping firm, has already reimbursed half of a $1.6 billion bank loan taken out to fund its acquisition of Singapore-based Neptune Orient Lines (NOL), the French company said on Thursday. CMA CGM announced the acquisition of NOL last December in a $2.4 billion deal that handed it market leadership on … [Read more...]
CMA CGM Partnership to Promote Use of LNG Fuel by Large Containerships
The world's second largest container shipping company, CMA CGM, has signed a Memorandum of Unserstanding with French energy group ENGIE to promote the use of liquefied natural gas as a marine fuel. The agreement, which was signed Wednesday at CMA CGM's headquareters in Marseille, France, will be centered around on a technical and economic study on the use of LNG as a fuel … [Read more...]