CMA CGM turns down Indonesian box project

Jakarta: The government is looking for a fresh investor at its long awaited container terminal project in Batu Ampar, Batam after France's CMA CGM pulled out of the running. CMA CGM, the world's third largest shipping company, quit after the government rejected its request for a longer concession from 20 to 50 years. The cost of the terminal is slated to be USS$400m with a 70,000 teu annual capacity. CMA CGM has said it will invest in Malaysia instead.  [16/01/07]