French-based shipping group CMA CGM has completed its withdrawal from the Russian market by divesting stakes in terminals through an asset swap, the company said.
“With this finalized transaction and the decision to suspend all new bookings to and from Russia since March 1st, 2022, the CMA CGM Group will no longer be involved in any entities operating in Russia,” it said in an emailed statement.
The deal was concluded on Dec. 28, it said.
CMA CGM inherited 25% stakes in four terminals in Russia and Finland through the acquisition of Finnish firm Containerships in 2018, and took the decision in 2021 to swap the Russian stakes for a larger holding in Finland, it added.
The French group held the stakes through joint ventures with Global Ports Investments PLC.
Global Ports said in a separate statement on its website that the cash-free swap deal would give it full control of the Moby Dik terminal and Yanino Logistics Park in the St Petersburg area, in return for reducing from 75% to 50% its holding in terminals in Helsinki and Kotka.
CMA CGM, based in Marseille and privately controlled by the Saade family, is one of the world’s largest container lines.
Like other international shipping lines, CMA CGM halted vessel services to and from Russia following Moscow’s invasion of Ukraine.
Danish rival A.P. Moller-Maersk announced in August an agreement to sell its 30.75% stake in Global Ports to fellow shareholder Delo Group, Russia’s largest container operator.
Maersk said it would no longer operate or own any assets in Russia following the completion of the deal.
(Reuters - Reporting by Gus Trompiz;Editing by Elaine Hardcastle)