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FRENCH shipping giant CMA CGM has reached agreements for methanol fuel supply and for new vessels to be built in China, said CEO Rodolphe Saade, reports Bloomberg.
"I see that the world economy is growing every year around two to three per cent, so this is going to be absorbing quite a lot of capacity," said Mr Saade.
The executive said he's ordering new ocean-going vessels despite a slowdown in the industry following a boom during the pandemic, when some freight rates rose to record levels.
"There are some that will do better than others, but overall I would say that there is growth and that is why we are ordering new ships," he said.
"We'll be scrapping most some of our old containerships and replacing with new tonnage," Mr Saade said.
The world's No 3 shipping line behind MSC and Maersk, is ordering new ocean-going vessels despite a slowdown in the industry following a boom during the pandemic, when freight rates rose to record highs.
Environmental regulations are forcing a shift to new energies to power boats, requiring their replacement.
Mr Saade was part of a delegation of CEOs accompanying French President Emmanuel Macron on a visit to China.
CMA CGM also revealed plans to take a 16 per cent stake in French online media company Brut, after raising its stake in broadcaster M6, Mr Saade said.
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