CMA CGM to Acquire Containerships
- Business & Finance
French container shipping giant CMA CGM has decided to acquire Containerships, a Finland-based company specialized in the intra-European market.
As informed, CMA CGM has signed an agreement with Container Finance pursuant to which the container shipping and logistics business Containerships and Container Finance’s holdings in Multi-Link Terminals and CD Holding will become part of the CMA CGM Group.
The agreement remains subject to approval by the relevant authorities and the estimated closing is between 3-6 months, according to Containerships.
Upon closing of the transaction, Container Finance’s entire container logistics operations will integrate CMA CGM intra-regional market offering in Europe and Mediterranean area.
CMA CGM Group is already present on the intra-regional market through its subsidiaries: CNC in Intra Asia, Mercosul in Brazil, Sofrana in the Pacific Islands regional maritime trade, and MacAndrews in Europe.
“The acquisition of Containerships will strengthen even more the development strategy implemented by Rodolphe Saadé, CMA CGM Group’s Chairman and CEO, aimed at densifying the group’s regional network,” CMA CGM said in a statement.
Founded in 1966, Containerships is an intra-European Shortsea specialist with a presence in the Baltic market, Russia, Northern Europe, North Africa and Turkey. With a workforce of 560 people, Containerships offers a complete range of services, as well as logistics solutions by ship, truck, rail and barges.
Commenting on the recently signed agreement, Containerships said it “continues to execute its LNG strategy as planned and will launch four LNG-fuelled vessels between August 2018 and January 2019.”