French container carrier still struggling financially

In spite of agrrements with investors, fresh capital, and divestments, the world's third largest container carrier, CMA CGM, is still on dangerous grounds with a massive debt, and the shipping company is still trying to cancel orders for a total of 11 ships, according to Alphaliner.

Even though the world's third largest container carrier after Maersk Line, French CMA CGM, finished 2012 with a strong operational result, in light of the current market conditions among the 20 major carriers, and even after succesfully completing a restructuring agreement with the company's creditors, CMA CGM's financial struggle seems far from over.

CMA CGM is still negotiating with shipyards about cancelling orders for a total of 11 ships, with just two ships in the order book today. Back in October 2009, the shipping company began negotiations with shipyards about cancelling 18 container ships, for a total of USD 1.6 billion, which has cost CMA CGM USD 301 million.

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