On Monday morning, CMA CGM announced its acquisition of Neptune Orient Lines (NOL) for USD 2.4 billion, a transaction that primarily awaits regulatory approval from competition authorities in the US, China and Europe, and which is not expected to be completed before mid-2016. When the deal is fully settled, the French container carrier expects to divest assets and gain synergies over the next two years totaling at least USD 1 billion, in order to reduce its gearing, informs the carrier in the statement.
This involves ships as well as terminals, which will be included in the strategic review scheduled for when the transaction is finalized, explained CMA CGM's CFO according to Tradewinds on Monday.
Already a subscriber? Log in.
Read the whole article
Get 14 days free access.
No credit card required.
Get full access for you and your coworkers.
Start a free company trial todayMore from ShippingWatch
Kuehne+Nagel more than doubles earnings in third quarter
Logistics major Kuehne+Nagel is reaping the rewards of a strong global demand for transport, which has resulted in soaring earnings. The constrained market situation is expected to continue in coming months.
MPC Container Ships secures new credit facility and divests six vessels
With the sale of six smaller vessels and a new credit agreement in place, MPC Container Ships strengthens its balance sheet.
Ikea, Amazon, Unilever commit to zero-emission ocean freight by 2040
Major companies such as Ikea, Amazon, Unilever and Michelin are committing to a full transition of their ocean transport to zero-emission fuels by 2040. Maersk CEO Søren Skou welcomes the announcement. NGOs are excited but remain critical.
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.
DCSA: Customers' lack of focus delays digitization of container market
Container carriers' customers are currently so fixated on capacity shortages that they have less time to enter projects aimed at creating common digital standards in the industry. "We'll have to wait for them to be ready again," DCSA CEO Thomas Bagge tells ShippingWatch.
Legal Counsel for an international shipping company 
Operations Controller 
Operations Executive 
Coordinator / Marine Operator / Operations 
Senior Sales Director Naval - Terma 
Chief Business Officer for Cruise 
Re-posting: Do you want to help set the agenda for the maritime competencies of the future? 
Commercial Operations - Stena Bulk 
Shipping & Logistics Coordinator – Seafood