Ceva Logistics News

France's CMA CGM has completed a $5 billion takeover of Bollore Logistics, its biggest-ever acquisition, and said it had funds for more deals as it seeks to counter volatility in container shipping.The acquisition of the logistics division of French conglomerate Bollore, announced last year, closed on Thursday at a final price of 4.85 billion euros ($5.25 billion) after debt and cash adjustments.The deal will extend the reach of CMA CGM's CEVA Logistics unit into areas such as freight management for pharmaceutical, cosmetics and luxury firms.CMA CGM, based in Marseille and privately controlled

French shipping group CMA CGM on Thursday announced it has appointed Peter Levesque to take over as president of CMA CGM America and American President Lines (APL) upon Ed Aldridge's retirement on December 6.Levesque is an international global supply chain executive with more than 30 years of industry leadership experience, who until 2021 was president of Ports America Group. Prior to Ports America, he spent 25 years based in Hong Kong and held leadership positions in international transportation…

French shipping giant CMA CGM said it had struck a preliminary agreement to acquire a majority stake in French delivery firm Colis Prive, as it continues to build up its logistics business.CMA CGM is to buy 51% of Colis Prive from current owner Hopps Group and will have an option of increasing its stake further. The value of the planned transaction was not disclosed.Marseille-based CMA CGM has been investing in non-maritime services, similar to its container shipping rivals. After buying Swiss logistics group CEVA Logistics in 2019…

France's CMA CGM said it had agreed to buy most of Ingram Micro's Commerce & Lifecycle Services (CLS) activities in a deal valued at $3 billion, adding this was aimed at accelerating the shipping group's push into end-to-end logistics.CMA CGM, one of the world's largest container shipping lines, said it will finance the acquisition from its own funds and expects the transaction to close in the first half of 2022.The part of Ingram Micro's CLS business being bought specialises in logistics outsourcing for e-commerce and order fulfilment across sales channels…

Shipping group CMA CGM on Friday reported a surge in third-quarter earnings and said it expected an even stronger performance for the end of the year as intense demand kept freight rates high and container capacity stretched.French-based CMA CGM, one of the world's largest container lines, said net profit rose to $5.6 billion in the third quarter from $567 million in the same period last year, while core EBITDA earnings rose to $7.1 billion from $1.7 billion.An economic rebound following a coronavirus pandemic costs has disrupted supply chains and exacerbated logistics problems like ageing inf

CMA CGM, one of the world's largest container shipping groups, on Friday posted a jump in first-quarter earnings and said it expected strong demand for transporting consumer goods to continue for the rest of the year.French-based CMA CGM's net profit rose to $2.1 billion in the first quarter from $48 million in the same period last year, while core EBITDA earnings rose to $3.2 billion from $973 million, the group said in a statement.Container lines such as market leader Maersk have seen a boom in demand as the COVID-19 crisis has stoked buying of packaged goods by locked-down consumers, while

Container shipping group CMA CGM said on Friday that it expected activity to remain strong in the first half of this year after brisk demand for consumer goods boosted its profits at the end of last year.France-based CMA CGM said its fourth-quarter earnings before interest, tax, depreciation and amortization (EBITDA) reached $2.23 billion, compared with $1.01 billion in the year-earlier period.Quarterly group net profit came to $1.0 billion.

Shipping group CMA CGM on Friday announced the creation of an air freight division, backed by the acquisition of four cargo planes, as it continues to expand its non-maritime activities.The new unit, called CMA CGM Air Cargo, will use the four Airbus A330-200F cargo planes acquired by CMA CGM along with partnerships with airlines to develop worldwide coverage, the group said in a statement.The price of the planes, which originally went into service between 2014 and 2016, was not disclosed.CMA CGM is due to take delivery of the planes next month, a spokesman added.French-based CMA CGM, one of t

Container shipping group CMA CGM said on Friday shipping activity remained strong in the final quarter of 2020 after a rebound from initial coronavirus-related disruption boosted the French company's third-quarter profits.CMA CGM, the world's fourth-largest container shipping line, said its EBITDA margin rose to 21.0% in the third quarter from 17.2% in the previous quarter and 13.3% in the year-earlier period.Brisk shipping activity should allow CMA CGM to increase the EBITDA margin further in the final quarter, it said.Like market leader Maersk, which this week raised its full-year earnings t

Container shipping group CMA CGM said on Monday it is dealing with a cyber attack impacting its peripheral servers.The attack did not concern the systems of its subsidiary CEVA Logistics, it added in a statement.CMA CGM said external access to its IT applications was made unavailable to prevent the malware from spreading while its IT teams work to resolve the incident.The French-based firm later said in an update that access to the group's information systems is gradually resuming…

French container shipping company CMA CGM Group said it has appointed Atit Mahajan as managing director for CMA CGM India, effective August 1.A qualified chartered accountant with 18 years' experience in strategy, finance and cost management roles, Mahajan was most recently Chief Financial Officer, CEVA Logistics India Pvt. Ltd and was previously Chief Operating Officer, LCL Logistix, both subsidiaries of the CMA CGM Group. In the past, Mahajan has also been part of the CMA CGM…

Shipping group CMA CGM has obtained a 1.05 billion euro ($1.1 billion) loan to be 70% guaranteed by the French government as it seeks to bolster its cash position during the coronavirus pandemic, which has hammered international trade.The loan, secured from a consortium of banks comprising BNP Paribas, HSBC and Société Générale, has an initial one-year maturity and an extension option of up to five years, Marseille-based CMA CGM said in a statement on Wednesday.France is offering guarantees to support billions of euros in loans for French companies to help them survive the economic fallout fro

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)…

French shipping group CMA CGM said its operations in China were returning to normal after the coronavirus outbreak crippled traffic last month, forecasting the health emergency would have a limited impact on its results this year.CMA CGM, the world's fourth-largest container shipping firm, expects to return to normal fleet capacity in China from mid-March after seeing signs of industrial production picking up as of late February, it said in a results statement on Friday.The new coronavirus…

French container shipping giant  CMA CGM plans to sell selected port terminals, ships and other assets to raise roughly $2 billion to finance its acquisition of CEVA Logistics, according to Reuters.Chinese state-owned conglomerate China Merchants Port has entered into a Memorandum of Agreement (MOA) with CMA CGM to acquire interests in a portfolio of 10 terminals from the French container line and its affiliates via Terminal Link for a total consideration of $955 million.As part of the deal, China Merchants Port will buy as much as $468 million of convertible bonds issued by the joint venture, Terminal Link, and will loan as much as $500 million to CMA CGM.CMA CGM is also raising about $860 million from a ship sale and lease-back deal.

On the occasion of his visit to Marseille for the National Industry Council, Prime Minister Edouard Philippe came to inaugurate the new global headquarters of CEVA Logistics, a subsidiary of the CMA CGM Group, with Rodolphe Saadé, Chairman and Chief Executive Officer of the CMA CGM Group.The Prime Minister was accompanied by Elisabeth Borne, Minister for the Ecological and Inclusive Transition, the President of the South Region, Renaud Muselier, and Nicolas Sartini, Chief Executive Officer of CEVA Logistics.With the acquisition of CEVA Logistics in May 2019…

Global ratings agency Moody's has downgraded the corporate family rating of French shipping major CMA CGM due to its "materially weaker" liquidity. The rating was downgraded to B2 from B1.Concurrently, the company's senior unsecured ratings were downgraded to Caa1 from B3. The outlook was changed to stable from negative."Today's rating action reflects that CMA CGM's liquidity profile has weakened materially in the last 12 months as a consequence of the acquisition of CEVA Logistics AG, although expected by Moody's to improve somewhat in 2020", says Daniel Harlid, Assistant Vice President -- Analyst and lead analyst for CMA CGM.The downgrade of CMA CGM's rating follows the acquisition of CEVA Logistics AG (Ceva…

CMA CGM, the world's fourth-largest container shipping firm, reported a second straight quarterly loss as its takeover of CEVA Logistics weighed on its results, but said its business volumes remained strong thanks to growth in the U.S. economy.The French-based group said on Friday that it expected a better second half of the year, supported by previously announced plans to reduce costs and reorganise its shipping services.CMA CGM said it made a second-quarter net loss of $109 million…

Following the friendly takeover bid for CEVA Logistics, the CMA CGM Group has implemented a turnaround plan which includes a new governance, a new brand identity and priorities reset. CEVA’s new operations center opened in Marseilles.The CMA CGM Group now holds 99.6% of CEVA's equity. Structural decisions have been made during the second quarter of 2019 to enable CEVA’s financial recovery and create the conditions of a solid and successful turnaround.Rodolphe Saadé, Chairman and Chief Executive Officer of the CMA CGM Group, was elected Chairman of the Board of Directors of CEVA Logistics at the Annual General Shareholders Meeting held on 29 April 2019.A new, stronger governance structure has been put in place.

French container transportation and shipping giant appointed its Chairman and CEO Rodolph Saade as the new chariman of Swiss third-party logistics provider CEVA Logistics, thus asserting its near-full control over CEVA.Nicolas Sartini, who currently holds the position of Group Chief Operating Officer and Deputy CEO of CEVA is appointed Chief Executive Officer as from June 1st. He will bring his experience and expertise to CEVA as it embarks on a new journey. He will replace Xavier Urbain who will become Executive Advisor to Rodolphe Saadé.Marvin O. Schlanger, Victor Balli, Dr. Rosalind Rivaz and John F. Smith did not stand for re-election. Rolf Watter, Daniel Hurstel and Emanuel R. Pearlman were re-elected for a one-year term of office until the AGM 2020.

French shipping giant CMA CGM has completed its public tender offer to acquire CEVA Logistics.The French carrier has confirmed the acquisition of Ceva Logistics after announcing it holds 97.89 percent of the company’s stock and will therefore de-list it from the Zurich Stock Exchange after April 16."Merging CEVA's operations into the CMA CGM Group will strengthen its position as a worldwide leader in maritime transport and logistics. Present in 160 countries, the Group will be 110,000 people strong with more than $30 billion in revenue," said a statement from the company.The CMA CGM Group will now be able to meet the logistics needs of its customers around the world with a comprehensive range of solutions across the supply chain…

Following the friendly takeover bid for the contract logistics and freight management solutions provider CEVA Logistics, the French container transportation and shipping giant CMA CGM Group now holds 99.4% of CEVA's equity.The shipping Group is resolutely committed to CEVA's financial recovery, and has already taken major structural decisions paving the way for CEVA’s rapid return to profitability.Rodolphe Saadé, Chairman and Chief Executive Officer of the CMA CGM Group, was elected Chairman of the Board of Directors of CEVA Logistics at the Annual General Shareholders Meeting held on April 29th, 2019.A new, stronger governance structure has been put in place.

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)