Hapag-Lloyd has ruled out sending its ships through the Northern Sea Route for the foreseeable future despite faster transit times, joining rival CMA CGM in shunning Arctic shipping due to heightened environmental risks. Hapag-Lloyd’s Senior Director Sustainability, Jörg Erdmann, says the company has no plans to send ships through the Arctic shipping until it can guarantee … [Read more...]
World’s First LNG-Powered ‘Megaship’ Launched in China
The world’s first ultra-large containership to be powered by liquefied natural gas was launched in China this week. CMA CGM JACQUES SAADE is the first of nine French-flagged LNG-powered containerships with 23,000 teu capacity for French shipping giant CMA CGM. A launching event for the vessel took place this week at Shanghai Jiangnan-Changxing Shipyard attended by … [Read more...]
CMA CGM Stays in Red
PARIS, Sept 6 (Reuters) - CMA CGM, the world's fourth-largest container shipping firm, reported a second straight quarterly loss as its takeover of CEVA Logistics weighed on its results, but said its business volumes remained strong thanks to growth in the U.S. economy. The French-based group said on Friday that it expected a better second half of the year, supported by … [Read more...]
China Merchants in Talks to Invest in CMA CGM Port Assets
By Bloomberg News - (Bloomberg) --China Merchants Group is in talks to invest in port assets owned by French shipping company CMA CGM as the state-owned firm seeks to diversify geographically and boost capacity, people familiar with the matter said. China Merchants is considering spending at least several hundred million U.S. dollars on the potential transaction, according … [Read more...]
CMA CGM Rules Out Northern Sea Route for its Fleet
CMA CGM has ruled out using the Northern Sea Route for trade between Asia and Europe despite it being navigable during much of the year due to climate change. The French shipping giant made the announcement on Friday citing the threats that large ships pose to the environment and the delicate Arctic ecosystem. CMA CGM said it will also give priority to the use of … [Read more...]