CMA CGM Forms Venture with MACCFA
France's CMA CGM has signed a letter of intent to form a joint venture with Ethiopian company MACCFA, as well as a letter of intent with ESLSE to manage Ethiopia's Modjo port, according to a document made available by the French President's office.
Marseille-based CMA CGM, one of the world's largest container shipping lines, recently became the core shareholder in Ceva Logistics, with the company looking to expand in non-maritime freight services.
(Reuters, Reporting by John Irish; Editing by Sudip Kar-Gupta)