In the latest in a long string of acquisitions the world's third largest container line has inked an agreement with Container Finance Ltd to buy Containerships, and its holdings Multi-Link Terminals and CD Holding. The price of the acquisition was not revealed.
Containerships owns 15 small boxships and has further four LNG-fuelled newbuildings on order due for delivery between August 2018 and January 2019. The first two of the four vessels were christened in China in late May.
CMA CGM has made a major bet on LNG as a future marine fuel ordered nine 22,000 teu containership newbuildings. Read about why CMA CGM ordered 'game changing' 22,000 teu LNG-powered containerships
Containerships operates two services, one covering the Baltic and the North Sea, and the other intra-Meditteranean service including North African ports. The company employs 560 people.
CMA CGM said the acquisition would strengthen its development strategy and intensify its regional network. “Containerships’ network will efficiently complement CMA CGM and its affiliate MacAndrews’ service offering in North Europe and the Mediterranean,” the French company said.
As well MacAndrews in Europe, CMA CGM owns CNC Line in Asia, Sofrana in the Pacific Islands trades and Mercosul in the Brazilian domestic market.
The sale is expected to close in three to six months subject to regulatory approvals.
In April CMA CGM acquired a 25% stake in Ceva Logistics.
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