CMA CGM Agreement

Tuesday, September 29, 2009

CMA CGM reached agreement on the establishment of a committee comprised of French, European and international banks including certain major financial institutions from Asia and the Republic of Korea. The committee will propose suitable measures to address the Group's short and medium term financing requirements with a view to strengthening CMA CGM's capital structure and, in so doing, ensuring its ongoing development. The French State is aware of this initiative and will be kept regularly updated on the progress made.
 
Since the summer of 2008 the entire World container shipping industry - within which CMA CGM ranks as third largest operator- has experienced severe market conditions. Compared with the second half of 2008, the first half of 2009 saw record decreases in freight rates and shipment volumes on all main shipping lines around the World. The level of activity began to improve again during the third quarter of this year and, so far this recovery is sustained in the fourth quarter. Forecasted load factors and freight rates for the beginning of 2010 suggest a possible continuation of these recent positive trends.
 
CMA CGM will continue with the initiatives started during the course of 2009 including notably with respect to the re-negociation and in some cases the cancellation of certain ship deliveries.
 
Regular working sessions of the committee are already scheduled. CMA CGM is aiming to reach an all-encompassing agreement with the help of the committee by the middle of November.

Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

IACS and European Commission Hold Joint Workshop to Kick Off European Shipping Week

The International Association of Classification Societies (IACS) held a joint workshop in Brussels with the European Commission to kick off European Shipping Week, the association announced today.

Cosco Boxship Detained Over Illegal Arms

Colombian authorities detained a vessel operated by China's largest shipping group for illegally transporting thousands of cannon shells, about 100 tonnes of gunpowder

Kvichak, Vigor Announce Merger

Merger positions combined company to play a dominant role in recapitalization of North Pacific fishing fleet and emerging Arctic oil gas operations. Kvichak

 
 
Maritime Careers / Shipboard Positions Maritime Security Pipelines Pod Propulsion Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0971 sec (10 req/sec)