CMA CGM and its new shareholder, Turkish group Yildirim, are about to reach an agreement for the sale of the French line’s 49% stake in the Maltese port of Valletta’s container terminal, according to reports.
The sale is part of CMA CGM’s financial restructuring initiative.
According to a French newspaper, the companies will wait for the deal to go through before they make a bid for a stake in the Swedish port of Gothenburg.
Robert Yildirim, President and CEO of Yildirim Group, told IFW’s sister publication, Lloyd’s List, the group hopes to finalise the deal for the Maltese terminal next month.
Seven years ago, CMA CGM secured a 30-year concession for $331 million to manage the terminal. The contract was extended to 65 years in 2008.
In November, Yildirim invested US$500 million in CMA CGM, helping the troubled container line to pull itself out of debt.
Rodolphe Saadé, Executive Officer of CMA CGM Group, said: “The issue of $500 million in redeemable bonds to Yildirim Group, being now finalised, CMA CGM enjoys a stronger financial position that it intends to consolidate, in particular by diversifying its sources of financing”.
CMA CGM announced record financial results in 2010 and reported revenue of $14.3 billion, 36% up on 2009. It recorded a net profit of $1.62 billion, up from $1.4 billion.
The Yildirim investment and th return to profitability has decreased the line’s net debt from $5.5 billion in 2009 to $4.5 billion.
The carrier’s financial problems in 2009 didn’t mean cancelling newbuilding orders. CMA CGM’s current order book stands at 22 vessels to be delivered by 2014.
Additionally, it announced recently that three of the vessels on order would be enlarged from 13,800teu to 16,000teu, making them some of the largest in operation.
The sale is part of CMA CGM’s financial restructuring initiative.
According to a French newspaper, the companies will wait for the deal to go through before they make a bid for a stake in the Swedish port of Gothenburg.
Robert Yildirim, President and CEO of Yildirim Group, told IFW’s sister publication, Lloyd’s List, the group hopes to finalise the deal for the Maltese terminal next month.
Seven years ago, CMA CGM secured a 30-year concession for $331 million to manage the terminal. The contract was extended to 65 years in 2008.
In November, Yildirim invested US$500 million in CMA CGM, helping the troubled container line to pull itself out of debt.
Rodolphe Saadé, Executive Officer of CMA CGM Group, said: “The issue of $500 million in redeemable bonds to Yildirim Group, being now finalised, CMA CGM enjoys a stronger financial position that it intends to consolidate, in particular by diversifying its sources of financing”.
CMA CGM announced record financial results in 2010 and reported revenue of $14.3 billion, 36% up on 2009. It recorded a net profit of $1.62 billion, up from $1.4 billion.
The Yildirim investment and th return to profitability has decreased the line’s net debt from $5.5 billion in 2009 to $4.5 billion.
The carrier’s financial problems in 2009 didn’t mean cancelling newbuilding orders. CMA CGM’s current order book stands at 22 vessels to be delivered by 2014.
Additionally, it announced recently that three of the vessels on order would be enlarged from 13,800teu to 16,000teu, making them some of the largest in operation.