CMA CGM signs MoU for expansion in Caribbean

Wednesday, August 17, 2011

CMA CGM has signed a Memorandum of Understanding for the expansion in Kingston of its future central hub in the Caribbean

The CMA CGM Group is pleased to announce the signing of a Memorandum of Understanding (MOU) for the operation, equipment and expansion of the Gordon Cay Container Terminal in the Jamaican port of Kingston, for a minimum period of 35 years. The project to develop the terminal will be based on the existing facilities.

Signed on 4 August 2011 by Rodolphe Saadé, CMA CGM Executive Officer, and the Chairman of the Port of Kingston, in the presence of Jamaica’s Minister of Transport Michael Henry, the MOU marks the start of a major investment program before the terminal is fully commissioned in 2015.

The project to widen the Panama Canal will require a major reorganization of shipping, particularly in the Caribbean and North America region. The “New Panamax” vessels, with capacities up to 12,500 TEUs will be able to cross the Canal, compared to the current limit on 4,000 TEUs. Transport distribution will only be possible from a hub that can accommodate these giants, which is currently not the case for most ports in the Caribbean and on the United States East Coast.

Development of a central hub in Kingston will allow CMA CGM to take full advantage of these changes.

The terms of the Memorandum of Understanding signed with the Port of Kingston include:

•     Taking over operations in the current facilities
•     A phased expansion of the terminal: once in service, the Gordon Cay Terminal will have a 1,300m quay after the first phase, with potential to develop an extra 1,700m, and a 17m draft capability to accommodate the “New Panamax” vessels.

 

“This project is a strategic investment for CMA CGM and illustrates the Group’s willingness to be ahead of the game in anticipating changes that will result from widening the Panama Canal. This agreement confirms the CMA CGM Group’s historic commitment to Jamaica and the region,” explains Rodolphe Saadé, Executive Officer at CMA CGM.

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Schlumberger Announces Q1 Results

Schlumberger Limited (NYSE:SLB) today reported first-quarter 2014 revenue from continuing operations of $11.24 billion versus $11.91 billion in the fourth quarter of 2013, and $10.

Russia Ships First Oil From Offshore Arctic Platform

President Vladimir Putin hailed Russia's first shipment of Arctic offshore oil on Friday, saying the platform decried by environmentalists will help Moscow expand its global energy markets share.

Shipping Turns From Banks to Equity Markets for Cash

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

Contracts

Shipping Turns From Banks to Equity Markets for Cash

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

Keel-Laid for Navy's 10th LCS at Austal Yard

The Navy and Austal USA held a keel-laying ceremony for the future 'USS Gabrielle Giffords', the Navy's 10th littoral combat ship (LCS), in Mobile, Ala., informs

Havyard to Build Hybrid Battery Arctic PSV

Norway's Havyard says it has signed a contract for the construction of a Havyard 833 WE ICE platform supply vessel with Fafnir Offshore HF. The vessel is to be

Ports

Canaveral Tops State List for Sand Bypass Funding

The Canaveral Harbor Inlet Sand Bypass Project has earned the top state ranking for 2014/15 inlet management funding. As a result, Port Canaveral is expected to receive $100,

Rotterdam port's throughput almost stable

The Port of Rotterdam’s throughput in the first quarter of 2014, at 109 million tonnes, was 0.2% below the level for the corresponding period last year.Split up by goods type,

CMA CGM Strengthens Madagascar Presence

Since the creation of CMA CGM Madagascar in 2003, container shipping company CMA CGM Group has continued to develop on the island to move closer to its valued customers

Finance

India's Reliance Q4 Sales Rise

Indian energy company Reliance Industries Ltd posted nearly flat fourth-quarter profits, in line with estimates, as a slimmer margin in its oilrefining business offset higher revenue.

Schlumberger Announces Q1 Results

Schlumberger Limited (NYSE:SLB) today reported first-quarter 2014 revenue from continuing operations of $11.24 billion versus $11.91 billion in the fourth quarter of 2013, and $10.

New sanctions threats as Ukraine stalemate goes on

A day after an international deal in Geneva to defuse the East-West crisis in Ukraine, pro-Russian separatists vowed not to end their occupation of public buildings

Container Ships

CMA CGM Strengthens Madagascar Presence

Since the creation of CMA CGM Madagascar in 2003, container shipping company CMA CGM Group has continued to develop on the island to move closer to its valued customers

Shippers Turn to Equity Markets as Sector Eyes Recovery

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

Latest Shipbuilding Contracts Include VLCC Order for Philippine Yard

In the latest Clarkson Hellas S&P Weekly Bulletin newbuilding orders are reported in Far East shipyards for a range of vessels as follows: Bulk carriers Clarkson

Vessels

Bodies found trapped in S Korean ferry

Divers searching for survivors of a capsized South Korean ferry saw three bodies floating through a window of a passenger cabin on Saturday but were unable to retrieve them,

Havyard to Build Hybrid Battery Arctic PSV

Norway's Havyard says it has signed a contract for the construction of a Havyard 833 WE ICE platform supply vessel with Fafnir Offshore HF. The vessel is to be

Rotterdam port's throughput almost stable

The Port of Rotterdam’s throughput in the first quarter of 2014, at 109 million tonnes, was 0.2% below the level for the corresponding period last year.Split up by goods type,

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Ship Repair Shipbuilding / Vessel Construction 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: 0.1468 sec (7 req/sec)