Yildirim Group News

Yilport Holding has submitted its offer for Taranto Container Terminal concession in Italy. Ionian Sea Port Authority (AdSP), the managing institution of Port of Taranto has officially received the request of Yilport Holding to operate the entire set of multi-purpose port facilities in the Port of Taranto. These terminals in Southern Italy handle container traffic, bulk cargo and serve ro-ro traffic. Well located as a relay hub for the Mediterranean Sea, the terminals are integrated to intermodal networks, connecting Southern Italy to Northern Italy and finally to the center of Europe. Yilport’s proposal covers developing and revamping the terminal facilities to attract and grow container volume…

Turkish port operator Yildirim Holdings AS has announced plans to sell its 24 percent stake in the French shipping major CMA CGM, Bloomberg reported. The company mandated China Citic Bank Corp. to find investors from Asia or the Persian Gulf for its interest in the world’s third biggest container shipping company. “We will either exit our investment completely or remain as an ordinary shareholder,” said Yildirim. Yildirim invested $600 million to become a shareholder in CMA CGM between 2010 and 2011. According to the company, the current value of the shares ranges between USD 2.5-3 billion based on recent deals in the industry. A report in Hürriyet CMA CGM has confirmed it is in talks with the Yildirim Group over the sale of the Turkish conglomerate’s 24% stake.

Container shipping lines are in danger of putting future port investment at risk in their demands for terminal handling cost reductions, according to the recently launched Ports and Terminals Insight report published by global shipping consultancy Drewry. Terminal operators face a “perfect storm” of rising costs due to bigger ships, greater business risks from larger liner alliances, softening global demand growth and pressure on terminal handling prices from cash-strapped carriers. The financial results of listed port and terminal operators reveal a weakness in organic earnings amid escalating debt levels. Stricter cost rationalisation and financial risk reduction will be necessary to retain investment interest.

Yilport Holding acquired 100% shares of Gävle Container Terminal (GCT) and Baltic Sea Gateway (BSG). The signing ceremony took place in Gävle, Sweden on 2 May 2016. The 30+10 year concession signed with Gävle Municipality awards Yilport Holding, a Yildirim Group subsidiary, the rights to operate container, bulk, general cargo, rail and CFS services in Port of Gävle terminals. The only Turkish company to be listed among international port operators, Yilport Holding, a Yildirim Group subsidiary, continues its global expansion. Yilport already owns 80% shares of Gävle Container Terminal since 2014, and Gävle Municipality awarded Yilport the remaining 20% shares in the new deal signed on 2 May 2016.

Turkish terminal operator Yilport Holding has gained full control of Gävle’s terminals. Yilport Holding acquired 100% shares of Gävle Container Terminal (GCT) and Baltic Sea Gateway (BSG). The Port of Gävle is Sweden’s third-biggest container port, situated just north of Stockholm. The 30+10 year concession signed with Gävle Municipality awards Yilport Holding, a Yildirim Group subsidiary, the rights to operate container, bulk, general cargo, rail and CFS services in Port of Gävle terminals. Yilport already owns 80% shares of Gävle Container Terminal since 2014, and Gävle Municipality awarded Yilport the remaining 20% shares in the new deal signed on 2 May 2016. The concession also includes 100% shares of Baltic Sea Gateway AB, another subsidiary of Gävle Municipality.

French shipping company CMA CGM has revealed that the Turkish conglomerate Yildirim Group wants to sell its 24% stake in the carrier. Yildirim Holding planned to divest its major stake of one fourth in CMA CGM, by 2015, President and CEO of Yildrim Holding, Robert Yuksel Yildirim announced last year itself. Yildirim came to the aid of CMA CGM, which is the world’s third largest shipping company, five years ago after the Saadé family had rejected numerous other outside investors and yet knew they needed a capital injection to stabilise their heavily indebted group. The Saade family, which runs CMA CGM and currently owns the remaining stake, will reportedly buy back Yildirim’s shares which were acquired in two stages for US$600m.

Ivory Coast abolished a state monopoly on passenger traffic on the lagoon surrounding the commercial capital Abidjan, the government announced on Wednesday, clearing the way for outside investors. Abidjan, a city of around 6 million inhabitants, straddles the Ebrie Lagoon. The SOTRA urban transportation company, majority-owned by the state with a minority interest held by Italian bus manufacturer Iveco, runs several water-taxi lines. Government spokesman Bruno Kone said the waterways had been under-utilized. "This will allow other entities to make major investments," Bruno said after a cabinet meeting. He also announced the approval of an agreement between the transportation ministry and Rainbow Ferry Lines…

A run of orders for MARIS has culminated in a 30-system deal covering the delivery of its ECDIS900 system to Turkish customers. The deal highlights the longstanding relationship between MARIS and w marine electronics distribution and service specialist STT International Ltd. It covers existing and future STT requirements to deliver MARIS ECDIS900 to Turkish owners and shipyards. STT reports that the first systems are committed to general cargo vessel newbuildings due delivery to Yildirim Group from the Marmara Shipyard before the end of 2013.

Closing of the agreement with its Banks regarding its debt restructuring. This agreement provides for a new covenant package taking into account the industry’s volatility and a partial refinancing of a credit line maturing in 2013 into new secured term loans of a maturity of more than 3 years for a total amount of EUR 280 million . Signing of a binding agreement with the French Fonds Stratégique d’Investissement who at closing, expected within 3 months, will subscribe to bonds redeemable in shares for an amount of US$150 million giving right to a 6% stake in CMA CGM upon conversion. Closing of the subscription, under the terms of the existing agreement, by the Yildirim Group of bonds redeemable in shares for an amount of US$100 million giving right to a 4% stake in CMA CGM upon conversion.

CMA CGM, the world’s third largest container shipping group, reported revenue of U.S. $14.87 billion for the year ending December 31, 2011, a 4% increase on 2010. Volumes carried increased by 11%, outperforming the market’s 6.5% increase and reaching a record high of 10,016,000 teus. The market environment was challenging, shaped by overcapacity and the steep run-up in oil prices, with per-tonne bunker prices soaring 34% over the year. CMA CGM nevertheless enjoyed a satisfactory operating performance, thanks to its extremely efficient fleet, global network and sustained cost discipline. EBITDA stood at U.S. $711 million, down from 2010, a year in which the entire container shipping industry reported record profits. The Group ended the year with a consolidated net loss of U.S. $30 million.

CMA CGM, the world’s third largest container shipping company, reported revenue of $7.3b for the first six months of 2011, an increase of 8% compared with the year-earlier period. Business benefited from an increase in volumes carried and stable freight rates on most of the group’s lines. In all, more than 4.8 million TEU were carried over the period, a 9.1% increase that outperformed the market, notably thanks to the Group’s modern, competitive and particularly efficient fleet. These figures reflected the firm demand observed over the period in most of the markets where CMA CGM holds strong positions, with improved freight rates on the South American and Caribbean lines (up 5%)…

The Board of Directors of France-based CMA CGM, the world’s third largest container shipping group, met under the chairmanship of Jacques R. Saadé to review the financial statements for the year ended 31 December 2010. The Group reported revenue of $14.3b for the year, a 36% increase on 2009 that was led by the combined impact of higher volumes carried and improved freight rates. In all, more than nine million TEUs* were carried during the year, up 15% on 2009. With capacity increased by 17.7% and representing 8.6% of worldwide capacity at year-end, CMA CGM has consolidated its leadership in the global container shipping industry. The strong growth in business was accompanied by the sustained deployment of the cost control programmes initiated in 2009…

In accordance with the agreements signed on 25 November 2010 between CMA CGM Group and the Yildirim Group, CMA CGM announced that it has issued $500 million in Redeemable bonds, all of which were subscribed by the Yildirim Group. This investment enables the Group to sustainably strengthen its balance sheet and secure its investment plan, while providing additional funds to support expansion. Following the issuance, CMA CGM Group shareholders met in General Meeting and approved the new governance organization, electing as Directors Jacques R. Saadé, Rodolphe Saadé, Tanya Saadé-Zeenny, Farid T. Salem, Tristan Vieljeux, Denis Ranque and Christian Garin, as well as Robert Yüksel Yildirim, Evren Öztürk and Ercüment Erdem. At its meeting, the Board unanimously appointed Jacques R.