French shipping group CMA CGM says it is simplifying its transpacific trade network by removing APL from the trade and naming CMA CGM as the group’s exclusive commercial carrier. APL will instead focus on its U.S.-flag service with the United States Government through its fleet of U.S.-flagged vessels. CMA CGM took control of APL as part of its 2016 acquisition of … [Read more...]
CMA CGM Sees Shipping Bottom Out in Q2 After Demand Plunge
PARIS, June 5 (Reuters) - CMA CGM expects activity in the shipping sector to bottom out during the second quarter as countries emerge from coronavirus-related lockdowns and ship operators adjust capacity, the France-based group's finance chief said. The world's fourth-largest container shipping line had anticipated a 15% year-on-year drop in its volumes in the second … [Read more...]
CMA CGM Aims to Be Carbon Neutral by 2050
PARIS, June 2 (Reuters) - French-based CMA CGM, the world's fourth-largest container shipping group, said on Tuesday it would aim to become carbon neutral by 2050. The company, headquartered in the Mediterranean port of Marseille, also announced in a statement a target for 10% of its energy supplies to be made up of alternative fuels by 2023. CMA CGM, which was citing … [Read more...]
World’s Biggest LNG Engine Approved for CMA CGM Megaships
The biggest and most powerful LNG-fueled engine ever built has been approved for use on board the first vessel in a series nine 23,000 TEU containerships owned by French shipping giant CMA CGM. The X92DF engine, developed by WinGD, is the most powerful two-stroke dual fuel engine ever built, delivering a whopping 63,840 kW of power. The engine is fitted on board CMA CGM’s … [Read more...]
CMA CGM Taps French Loan Scheme for $1.1 Billion in COVID-19 Funds
PARIS, May 13 (Reuters) - Shipping group CMA CGM has obtained a 1.05 billion euro ($1.1 billion) loan to be 70% guaranteed by the French government as it seeks to bolster its cash position during the coronavirus pandemic, which has hammered international trade. The loan, secured from a consortium of banks comprising BNP Paribas, HSBC and Société Générale, has an initial … [Read more...]