ShippingWatch

Media: Banks grant finance for CMA CGM's acquisition

The French container carrier CMA CGM has secured financing from the banks to acquire Neptune Orient Lines, a plan which has been on the cards for weeks, say anonymous sources to news agency Reuters.

The French container carrier CMA CGM has received a green-light from the banks to buy competitor Neptune Orient Lines (NOL) in a deal which had been rumored for several weeks, according to news agency Reuters, which cites several anonymous sources.

According to the sources, CMA CGM, who plans to purchase 67 percent of Neptune Orient Lines' shareholder Temasek Holdings, secured finance through the major banks HSBC, BNP Paribas and JP Morgan Chase.

Read the whole article

Get 14 days free access.
No credit card required.

An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Extreme container rates can push shippers into bankruptcy

Extreme container freight rates might lead to a string of bankruptcies for companies without transport deals, says shipping analyst Lars Jensen in an analysis to Shippingwatch. Particularly smaller fashion brands are under pressure, according to trade organization.

Containers piling up at Port of Felixstowe

Efficiency is dropping at UK container port Felixstowe while containers are piling up, according to Vesselsvalue. Some carriers are now opting to divert their vessels away from the port.

Further reading

Related articles

Trial banner

Latest news

See all jobs