French container shipping giant CMA CGM and Algeria-based shipping company CNAN NORD Spa signed a cooperation agreement to develop shipping transportation in Algeria on November 8.
The agreement focuses on 3 strategic axes, including operational cooperation for a common shipping line linking Northern Europe to the Algerian ports, operational and logistic cooperation between CMA CGM and CNAN NORD Spa, and sharing of expertise regarding the training of seafarers and executives.
This agreement is part of CMA CGM’s development strategy in Algeria, which aims at accompanying shipping transportation development within the country, the company said.
CMA CGM calls nine Algerian ports through five maritime services, namely, Euronaf, Algeria Shuttle, Wemed, RoRo Algérie, and NAF TS.
Earlier in November, the French shipping major reported a net loss of USD 202 million for the third quarter of 2016, while its revenue for the period fell by 16.3 percent to USD 3.33 billion, excluding NOL contribution.
The company said that, including NOL contribution, CMA CGM’s quarterly net loss stood at USD 268 million, while its revenue for the third quarter increased by 33.9 percent to USD 4.47 billion.
Volumes carried by CMA CGM amounted to TEU 4.5 million, an increase of nearly 36%, mainly driven by the integration of NOL. Excluding NOL, volumes totalled 3.2 million TEUs in third-quarter 2016, down 2.7% year-on-year.