SHIPPING consolidation continues apace with French shipping giant CMA CGM announcing it is to acquire Finland-based logistics company Containerships.
The announcement follows the signing of an agreement between CMA CGM and Containerships' parent company, Container Finance Ltd.
Under the deal, the French shipping liner will also acquire Container
Finance's holdings in Multi-Link Terminals Ltd and CD Holding Ltd.
Containerships is a full-service, door-to-door provider of short sea
shipping and logistics solutions, providing cargo transport between
Finland, Russia, the Baltic States, continental Europe, the United
Kingdom and Ireland, as well as in the Mediterranean region between
Turkey and Africa.
Financial terms of the deal were not disclosed, and the transaction
remains subject to approval by relevant authorities. However,
Containerships said the estimated closing is between three and six
months, reports American Shipper.
Upon closing, Container Finance's entire container logistics operations
will be integrated with CMA CGM's intra-regional market offering in
Europe and the Mediterranean, but the combination will not affect the
rights of Containerships bond holders, Containerships said.
In 2017, Containerships posted a net profit of EUR200,000 (US$231,427),
an improvement from a EUR1.4 million net loss in 2016, while
consolidated net sales in 2017 clocked in at EUR226.7 million, up from
EUR197.9 million the prior year.
Containerships said it continues to develop routes and services and that
between August 2018 and July 2019, it's slated to launch four LNG
fueled vessels.
According to Containerships' website, the company currently has a fleet
of 15 vessels, ranging in size from 298 TEU to 1,129 TEU.
CMA CGM said the acquisition of Containerships will further strengthen
the development strategy implemented by CMA CGM Group chairman and CEO
Rodolphe Saade that's aimed at densifying the group's regional network.
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