Container Line Operator News

French container line operator CMA CGM has announced that its 2014 net consolidated profits rose by 43% over the previous year to USD584 million thanks to a growth in volume and significantly reduced costs. Consolidated operating revenue for the company increased by 5.3% in 2014, compared with the previous year, to $16.7bn on an 8.1% volume increase to 12.2m teu, which CMA CGM said was mainly attributable to east-west gains. Volumes carried rose by 8.1% year on year (y/y) to 12.2 million teu and revenues increased 5.3% to USD16.7 billion. However, but core EBIT (earnings before interest and tax) surged 28.8% to USD973 million. The result…

Ship Finance International Limited (SFL) announced that it has agreed to acquire seven 4,100 teu container vessels built in 2002 in combination with long-term charters to a leading container line operator. The vessels are expected to be delivered to SFL over the course of the next few weeks, and the annual EBITDA contribution is estimated to be approximately $10 million on average during the charter period. The charters include a purchase option with profit share after approximately 5.4 years on average. Ole B. Hjertaker, CEO of Ship Finance Management AS, said, "This transaction originates from the German KG market, and while the exact terms of the deal is confidential, the acquisition price is seen as very attractive.