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Gus Trompiz News

15 Mar 2024

CMA CGM to Halt Calls at Haiti's Port au Prince

© Yellow Boat / Adobe Stock

French shipping group CMA CGM said on Friday it was suspending its calls at Port au Prince due to the worsening security situation in the Haitian capital.The group, one of the world's largest container lines, will call at Lafito, 20 km from Port au Prince, as an alternative, while also continuing to call at Cap Haitien as usual, CMA CGM said in a customer advisory.(Reuters - Reporting by Gus Trompiz, Editing by Ingrid Melander)

29 Feb 2024

CMA CGM Caps Logistics Push with $5 Billion Bollore Deal

© K I Photography / Adobe Stock

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

27 Feb 2024

CMA CGM, COSCO, Evergreen and OOCL Extend OCEAN Alliance to 2032

© MichaelVi / Adobe Stock

French shipping company CMA CGM and its business partners COSCO Shipping 601919.SS, Evergreen 2603.TW and OOCL said on Tuesday that they had agreed to extend their 'OCEAN Alliance' co-operation deal for another five years beyond 2027, to 2032.The 'OCEAN Alliance' partnership aims to help customers deal with their supply chains by offering up fast transit times and access to a wide range of ports, said CMA CGM.The agreement to extend the partnership was signed in Shanghai on Tuesday."The decision to extend our co-operation for at least five more years forges our commitment to meet our customers

02 Feb 2024

CMA CGM Halts Red Sea Transit on Security Risks

© Mariusz / Adobe Stock

Shipping group CMA CGM on Friday suspended until further notice all crossings by its vessels of the Bab al-Mandab Strait in and out of the Red Sea due to security risks, a source familiar with the matter said.The decision was taken after the latest attacks on vessels by Houthi militants in Yemen, including the targeting this week of a convoy containing CMA CGM-operated ships, the source said.The move means CMA CGM joins other major shipping firms in suspending transit through the southern Red Sea, disrupting the main route for trade between Asia and Europe.CMA CGM, one of the world's largest c

24 Jan 2024

Ukraine's Black Sea Grain Export Success Tested by Red Sea Crisis

© wifesun / Adobe Stock

Ukraine has managed to boost its Black Sea grain exports to a level not seen since before Russia's invasion, although the Red Sea shipping crisis poses a new challenge to its crucial agricultural trade.Kyiv's success in replacing a UN-backed Black Sea export deal with its own shipping scheme has brought relief for Ukrainian farmers and importing countries while representing a naval breakthrough for Ukraine's military as a land counteroffensive has stalled.The export turnaround…

19 Jan 2024

CMA CGM Reroutes More Ships to Avoid Red Sea Attacks

© Björn Wylezich / Adobe Stock

One of the world's largest container shipping groups CMA CGM on Friday said it would reroute a weekly service between Europe and Australia to avoid attacks in the Red Sea, and that the company expected months of disruption.Attacks by Yemen's Houthi militia on commercial vessels, in response to Israel's war with Palestinian Hamas militants in Gaza, have slowed trade between Asia and Europe, and U.S. strikes against the Houthis have not resolved the crisis.French-based CMA CGM said its weekly NEMO service connecting Europe…

27 Dec 2023

Shipping Firms Take First Steps Toward Red Sea Return

© Mariusz / Adobe Stock

France's CMA CGM is increasing the number of vessels travelling through the Suez Canal, it said on Tuesday, joining Maersk in returning to the area after U.S.-led efforts to prevent attacks.The world's top shipping companies, including Maersk and Hapag-Lloyd, stopped using Red Sea routes after Yemen's Houthi militant group began targeting vessels this month, disrupting global trade through the Suez Canal.Instead they have rerouted via southern Africa, a longer and more expensive journey.

26 Dec 2023

Shipping Companies Take First Steps Towards Red Sea Return

© Mariusz / Adobe Stock

France's CMA CGM is increasing the number of vessels travelling through the Suez Canal, it said on Tuesday, joining Maersk in returning to the area after U.S.-led efforts to prevent attacks.The world's top shipping companies, including Maersk and Hapag-Lloyd, stopped using Red Sea routes after Yemen's Houthi militant group began targeting vessels this month, disrupting global trade through the Suez Canal.Instead they have rerouted via southern Africa, a longer and more expensive journey.

22 Dec 2023

Shipping Firms Impose Surcharges as Red Sea Attacks Hit Global Trade

© Mariusz / Adobe Stock

Maersk and CMA CGM, two of the world's largest shipping firms, will impose extra charges after deciding to re-route ships following attacks on vessels in the Red Sea, as worries about the disruption to global trade grow.The surcharges, designed to cover longer voyages around Africa compared with routes via the Suez Canal, will add to rising costs for sea transport since Yemen's Houthi militant group started targeting vessels.Maersk and CMA CGM are among leading shipping lines to have suspended the passage of vessels through the Red Sea that connects with the key Suez Canal…

11 Dec 2023

Panama Canal Woes to Delay Grain Ships well into '24

Copyright searagen/AdobeStock

Bulk grain shippers hauling crops from the U.S. Gulf Coast export hub to Asia are sailing longer routes and paying higher freight costs to avoid vessel congestion and record-high transit fees in the drought-hit Panama Canal, traders and analysts said.The shipping snarl through one of the world's main maritime trade routes comes at the peak season for U.S. crop exports, and the higher costs are threatening to dent demand for U.S. corn and soy suppliers that have already ceded market share to Brazil in recent years.

19 Nov 2023

Grain Ship Damaged Off Ukraine, Likely Hit Sea Mine

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A merchant ship transporting grains was lightly damaged off the coast of Ukraine and was likely to have been hit by a floating sea mine, according to maritime specialists and a Ukrainian government source.This is the latest incident affecting commercial ships sailing in the Black Sea.War risk insurance premiums have risen to as much as 3% of the value of a vessel after a missile damaged a merchant ship in the Ukrainian port of Pivdennyi last week, industry sources said.Four maritime and trade sources said the Liberia-flagged Georgia S bulk carrier laden with a wheat cargo was sailing from Pivd

12 Nov 2023

CMA CGM Reports Drop in Quarterly Profit

Source: CMA CGM

CMA CGM said on Friday its profit fell in the third quarter as a COVID-era boom in shipping continued to fade, but its volumes picked up as a destocking trend in the United States was offset by brisk demand in other parts of the world.The French-based shipping giant was cautious about next year's outlook, with the prospect of a recovery in global trade - as U.S. firms finish destocking - tempered by expectations of modest economic growth and an influx of new vessels.CMA CGM, privately controlled by the Saade family…

19 Sep 2023

Shipping Rivals CMA CGM, Maersk to Collaborate on Green Fuels

Laura Maersk - the world’s first-ever container vessel sailing on green methanol was named in Denmark last week -  © A.P. Moller - Maersk. All rights reserved.

Container shipping giants CMA CGM and Maersk said on Tuesday they will cooperate in efforts to reduce emissions in the sector, including by supporting the use of methanol and aiding research into potential fuels like ammonia. The shipping industry is grappling with which fuels and vessel technology to adopt on a large scale to meet an objective of net zero emissions by around the middle of the century. Danish group Maersk has focused on so-called green methanol and last week announced the creation a new company to produce fuel.

16 Aug 2023

Cargo Ship Leaves Ukrainian Port Despite Russian Threat of Attack

Credit: Mariusz/AdobeStock

A container ship set off from Ukraine's Black Sea port of Odesa on Wednesday in a test of Russia's threat to attack shipping after it abandoned a deal last month allowing Ukraine to export grain.The departure of the Hong-Kong-flagged Joseph Schulte, which had been in the port since Feb. 23, 2022 - the day before Russia's invasion - followed a new Russian attack on Ukraine's grain export infrastructure.Russian air strikes damaged grain silos and warehouses at one of the Danube river ports…

10 Aug 2023

Fire Hits Grain Silos at French Atlantic Port

Credit:  mathilde/AdobeStock (cropped to show La Rochelle grain silos)

More than 100 firefighters fought a huge blaze at grain silos in the French Atlantic port of La Rochelle on Thursday, disrupting shipping activity at one of France's biggest grain export terminals.The fire started on a conveyor belt at around 8:00 a.m. (0600 GMT) in a grain silo complex operated by SICA Atlantique, the local prefecture said.Some 120 firefighters brought the blaze under control, helped by the use of a 72-metre (236.22 ft) high lift platform to access the conveyor belt above the grain silos…

08 Aug 2023

After Attacking Ukraine Wheat Exports, Russia Faces Own Shipping Challenge

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Russia's lack of ships and Western grain traders' shrinking appetite for business with Moscow are adding to rising costs of moving Russian wheat, at a time when the war in Ukraine has spilled perilously close to vital Black Sea supply routes.President Vladimir Putin promised to replace Ukrainian grain with Russian shipments to Africa after Moscow in July ended an arrangement that gave Ukraine's food cargo safe passage in the Black Sea, imposing a de-facto blockade on its neighbour and attacking storage facilities…

26 May 2023

CMA CGM Sees Profit Easing as Demand Wanes, New Ship Supply

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CMA CGM expects its profit to ease further for the rest of the year after a first-quarter decline, as an uncertain economy and influx of new vessels cool the container shipping market after a record 2022.The company, based in Marseille and privately controlled by the founding Saade family, on Friday reported a first-quarter net profit of $2.0 billion, compared with $7.2 billion in the year-earlier period, and said in a statement it expects the first quarter to be its most profitable of 2023.CMA CGM is among shipping firms to have posted record profits last year, after the COVID-19 pandemic tri

18 Apr 2023

CMA CGM Offers $5.5 Billion for Bollore Logistics Unit

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French shipping group CMA CGM is offering 5 billion euros ($5.48 billion) for the logistics unit of Bollore, the family-run conglomerate said on Tuesday.For Bollore a deal would mean cutting ties with its biggest business while offering cash-rich CMA CGM a chance to bolster its bid to offer end-to-end transportation services and supply chain management.The business posted more than 7 billion euros in revenue last year and has 15,000 employees.News of the indicative offer, made on a cash free and debt-free basis, boosted Bollore's shares.Bollore disclosed it following a report in shipping publi

30 Jun 2022

CMA CGM to Lower Some French Shipping Rates to Curb Inflation

© eyewave / Adobe Stock

Shipping giant CMA CGM said on Thursday it would reduce container shipping rates for some common consumer products imported in France to support government steps to curb inflation.The group will from Aug. 1 reduced shipping rates by 500 euros ($520.10) per 40-foot container for consumer products imported by retailer customers in France, CMA CGM said in a statement.($1 = 0.9614 euros)(Reuters - Reporting by Gus Trompiz and Tassilo Hummel, Editing by Sybille de La Hamaide)

05 Jan 2023

CMA CGM Completes Russia Exit

© eyewave / Adobe Stock

French-based shipping group CMA CGM has completed its withdrawal from the Russian market by divesting stakes in terminals through an asset swap, the company said.“With this finalized transaction and the decision to suspend all new bookings to and from Russia since March 1st, 2022, the CMA CGM Group will no longer be involved in any entities operating in Russia,” it said in an emailed statement.The deal was concluded on Dec. 28, it said.CMA CGM inherited 25% stakes in four terminals in Russia and Finland through the acquisition of Finnish firm Containerships in 2018…

28 Nov 2022

CMA CGM Sees Profits Ebbing as Shipping Boom Fades

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CMA CGM said it expects a pullback in shipping markets to accelerate in the fourth quarter due to high energy prices and flagging consumer spending, and this will reduce its profitability following an earnings surge in the past year.French-based CMA CGM, one of the world's largest container lines, reported on Friday a net profit of $7.0 billion for the third quarter, up from $5.6 billion in the year-earlier period.However, the net profit was down from $7.6 billion in the previous quarter…

06 Jun 2022

Shipping Firm CMA CGM Sees Uncertain Outlook Despite Profit Surge

Credit: eyewave/AdobeStock

CMA CGM said on Friday that geopolitical and economic risks were clouding its outlook despite another surge in profits due to a saturated shipping market.French-based CMA CGM, one of the world's largest container lines, reported a net profit of $7.2 billion for the first quarter, up from $2.1 billion in the year-earlier period and also surpassing $6.7 billion posted for the last quarter of 2021.An economic rebound following the initial impact of the COVID-19 pandemic sent freight rates soaring and left shipping capacity stretched.At CMA CGM's main ocean shipping business…

02 Sep 2022

CMA CGM Expects Shipping Slowdown After Another Strong Quarter

© Björn Wylezich / Adobe Stock

Weakening consumer spending is curbing shipping demand and freight rates, transport giant CMA CGM said on Friday as it reported another jump in quarterly profits.French-based CMA CGM, one of the world's largest container lines, reported a net profit of $7.6 billion for the second quarter, up from $3.5 billion in the year-earlier period and also surpassing $7.2 billion in the first quarter.Higher container revenues helped offset rising operating costs in the past quarter, including a near 75% year-on-year jump in ship fueling costs…