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.


Legal

SOS from Hanjin Shipping

The creditors' extended help is crucial for survival of Hanjin Shipping Co as its negotiations with owners of chartered ships over a cut in leasing rates and to

Hapag-Lloyd Shareholders Okays Merger with UASC

Hamburg-based ocean carrier Hapag-Lloyd said its shareholders approved all items on the agenda at Annual General Meeting, mainly the  share capital increase needed

Yangzijiang Shipbuilding to Slash 2,000 More Jobs

Chinese shipbuilder Yangzijiang Shipbuilding Holdings Ltd said it plans to cut 2,000 additional jobs, just under 10 percent of its current workforce, stepping up

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Salvage Ship Repair Winch
rss | archive | history | articles | privacy | 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: 0.0632 sec (16 req/sec)