rss icon Subscribe
desktop mobile

CMA CGM Completes Sale of Eight Terminals

© miraswonderland / Adobe Stock

CMA CGM said on Thursday it has completed the sale of stakes in eight port terminals for $815 million to its joint venture with China Merchants Port Group.

Late last year, CMA CGM reached a deal with China Merchants to sell stakes in 10 port terminals to the companies' Terminal Link venture for $968 million, as part of efforts by CMA CGM to finance its acquisition of Swiss-based CEVA Logistics and reduce group debt.

The first eight terminals included in the transaction are Odessa Terminal (Ukraine), CMA CGM PSA Lion Terminal (Singapore), Kingston Freeport Terminal (Jamaica), Rotterdam World Gateway (Netherlands), Qingdao Qianwan United Advance Container Terminal (China), Vietnam International Container Terminal, Ho Chi Minh City (Vietnam), Laem Chabang International Terminal (Thailand) and Umm Qasr Terminal (Iraq).

The $153 million sale of the two other terminals covered by the deal was expected to be completed during the first half of the year, subject to regulatory approval, CMA CGM said.

Mar 26, 2020

 

Ports

Cruise Passengers Await Florida Deal Allowing Them to Disembark

(Photo: Holland America Line)

The U.S. government and Florida were working on a plan on Wednesday to allow thousands of cruise

Egypt's Suez Canal Shipping Unaffected by Coronavirus

© Zdenar Adamsen / Adobe Stock

Traffic in Egypt's Suez Canal has so far been unaffected by the spread of the coronavirus

China's Ports Brace for Second Hit as Virus Spread Wipes Out Exports

© lotusjeremy / Adobe Stock

China's ports and shipping firms are bracing for a second wave of supply chain disruptions that

Containerships

Egypt's Suez Canal Shipping Unaffected by Coronavirus

Traffic in Egypt's Suez Canal has so far been unaffected by the spread of the coronavirus, the chief of its authority said on Wednesday, citing a 4.6% increase year-on-year in

China's Ports Brace for Second Hit as Virus Spread Wipes Out Exports

China's ports and shipping firms are bracing for a second wave of supply chain disruptions that may be deeper and more prolonged than during the country's coronavirus lockdown as

Oakland Dockworker Killed in Containership Fall

(File photo: Port of Oakland)

A longshore laborer at the Port of Oakland reportedly fell to his death from the deck of a

Maritime Apps