10,000 TEU Vessel Delivered to Seaspan
Seaspan Corporation said it has accepted delivery of the CMA CGM Cochin, a 10,000 TEU containership that will commence a fixed rate time charter with CMA CGM S.A. for a three year term with an option to extend for an additional three years.The new containership, which was constructed at Jiangsu Yangzi Xinfu Shipbuilding Co., Ltd. and Jiangsu New Yangzi Shipbuilding Co., Ltd., is the second in a series of four 10,000 TEU vessels under time charter to CMA CGM that are scheduled to deliver in the first half of 2018.
FMC Approves Filings by the New York Shipping Exchange
In December 2017, the U.S. Federal Maritime Commission voted to allow the New York Shipping Exchange (NYSHEX) to move forward with two agreements it filed pursuant to the Shipping Act. The first filing is based on an agreement by ocean common carriers to participate on the NYSHEX Exchange Board. This authorizes the parties to develop, manage, market and operate a digital freight contracting process, called the New York Shipping Exchange, through participation on the Board of NYSHEX. Parties to the agreement are CMA CGM SA; Hapag Lloyd AG; Mitsui O.S.K.
Cyber Attacks Threaten Shipping & Dominate Maritime News
The maritime industry must redouble its efforts to secure IT systems and data. In June, Maersk Line A/S’s information systems were severely disrupted by the so-called Petya virus. FMC provided Maersk with relief to help them get through the difficult situation. In Mid-July, a researcher penetrated a ship’s internet system through its very small aperture system (VSAT). The ship was operating in the South America trade. An internet security researcher identified as “x0rz” discovered that many shipboard VSAT systems can be penetrated through the public internet…
CMA CGM Hires Diana Containerships’ M/V Rotterdam
Diana Containerships has announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with CMA CGM S.A., Marseille, for one of its Post-Panamax container vessels, the m/v Rotterdam. The gross charter rate is US$6,890 per day, minus a 3.5% commission paid to third parties, for a period of minimum eight (8) months to maximum eleven (11) months. The charter is expected to commence on March 7, 2017. The “Rotterdam” is a 6,494 TEU container vessel built in 2008.
CMA CGM Crosses 91.05% Ownership Threshold of NOL
CMA CGM S.A has crossed the compulsory acquisition ownership threshold in Neptune Orient Lines Limited (NOL). Following its all-cash voluntary conditional general offer (Offer) for NOL which was launched on June 6th, 2016, CMA CGM now owns 2,376,715,557 shares representing approximately 91.28% of NOL’s share capital. CMA CGM confirms that it intends to exercise its rights of compulsory acquisition to compulsorily acquire all the NOL shares held by NOL shareholders who have not accepted the Offer…
CMA CGM Crosses 90% Ownership Threshold in NOL
Container shipper CMA CGM S.A. has crossed the 90 percent ownership threshold in Neptune Orient Lines Limited (NOL), enabling it to bring the Singapore company private. Following its all-cash voluntary conditional general offer (Offer) for NOL which was launched on June 6, 2016, CMA CGM now owns 2,361,044,044 shares representing approximately 90.68 percent of NOL’s share capital. With the public float of NOL shares now falling below the minimum threshold of 10 percent, the Singapore Exchange Securities Trading Limited (SGX-ST) may suspend the trading of NOL shares at the close of the Offer.
CMA CGM, PSA Singapore to form JV
CMA CGM S.A. (CMA CGM) and PSA Singapore Terminals Pte. Ltd. (PSA) will form a joint venture company CMA CGM-PSA Lion Terminal Pte. Ltd. (CPLT) to operate and use four mega container berths at Pasir Panjang Terminal Phases 3 and 4 in Singapore. CPLT will start operations from the second half of 2016, and allow CMA CGM and its shipping line affiliates to leverage industry-leading port infrastructure and technologies at this latest Pasir Panjang expansion, which has the capacity and scale of operations to better serve mega vessels in the region.
CMA CGM Intends Offer to Acquire NOL
Following the satisfaction and waiver (as the case may be) of the conditions set forth in the pre-conditional offer announcement dated 7 December 2015, CMA CGM S.A. (CMA CGM), announced its firm intention to make an all-cash voluntary conditional general offer (Offer) for all the outstanding shares of Neptune Orient Lines Limited (NOL), other than those it already owns, controls or has agreed to acquire. The Offer Price is SGD 1.30 in cash per NOL share, which CMA CGM does not intend to increase.
China Okays CMA CGM's Acquisition of NOL
CMA CGM S.A. (CMA CGM), a global leader in container shipping, announces that it has received today confirmation that its pending acquisition of Neptune Orient Lines (NOL), Southeast Asia’s largest container shipping company (SGX: N03), has been cleared by the Anti-monopoly Bureau of the Chinese Ministry of Commerce (MOFCOM). With regulatory approvals now received from MOFCOM and the European Commission on its proposed voluntary general cash offer for NOL as announced on 7 December 2015 (Offer), CMA CGM expects to announce the Offer by June 2, 2016 (before 7 a.m.) at the latest.
CMA CGM’s Benjamin Franklin Ends US-Asia Route
French shipping line CMA CGM SA will no longer run the mega containership Benjamin Franklin between Asia and the U.S. West Coast, on account of weak market conditions, reports FT. According to sources, Benjamin Franklin’s voyages have been suspended on the route between Asia and U.S. West Coast ports including Los Angeles, Long Beach, Oakland and Seattle, after just five months amid an industry slump that has seen shipping lines’ earnings plummet. The largest containership to call at a U.S.
New Ocean Alliance to Challenge Market Leader
China COSCO Shipping Corp Ltd and three partners, including France's CMA CGM SA, announced a new shipping partnership, OCEAN Alliance, formed to challenge 2M - the world's largest container carrier alliance. Other members of the new COSCO alliance are Taiwan-based Evergreen Line and Hong Kong's Orient Overseas Container Line. The partnership, called “Ocean Alliance”, would involve a fleet of 350 container ships and in a first stage cover more than 40 services. The carriers said…
Impending Shakeup of Global Shipping Alliance
According to WSJ report, deals involving Cosco, China Shipping, CMA CGM and Neptune Orient Lines to bring major changes in global shipping alliances. China Cosco Shipping and CMA CGM are hoping to form a new alliance with OOCL, Evergreen Line, and Islamic Republic of Iran Shipping Lines, according to sources in the Chinese shipping industry. According to the Alphaliner, CMA CGM and Cosco are leading efforts to create a new vessel-sharing alliance that could include Evergreen Line and OOCL and would shake up three of the four major east-west carrier groupings.
Report Calls for Shipping Liners to Consolidate
The need of the hour is consolidation of container ship lines order to regain profitability and to overcome financial struggles, consulting firm AlixPartners says in a new report. The report says that an increased supply of vessels, coupled with the introduction of giant ships, had met with a dwindling demand in the second half of last year resulting to overcapacity, low profitability and reduced cash flow. The shippers with “M&A on their minds need to be proactive” if they hope…
CMA CGM Acquisition NOL: Aprroval Expected by Mid-2016
CMA CGM acquisition target Neptune Orient Lines (NOL) has made all necessary anti-trust filings and expect that the approvals will come sometime in the middle of 2016. NOL group president and chief executive Ng Yat Chung said NOL, which is being bought out by French shipping giant CMA CGM for $2.4bn, has made all necessary anti-trust filings. On 7 December 2015, CMA CGM S.A. announced a pre-conditional voluntary cash offer to acquire NOL at SGD1.30 per NOL share. The offer was subject to anti-trust clearances from the European Union, China and the US.
Coscocs Targets 2 Mln TEUs by 2018
China's biggest shipping line China Ocean Shipping Corporation (Coscocs) has revealed an ambitious plan to increase its container shipping capacity to hit a 2 million TEUs over the next three years, says China Daily. The company is raising the operational capacity in an effort to seize a larger slice of the cake, known as the East-West and South-North routes. Wan Min, general manager of China COSCO Shipping, said Chinese shipping companies mainly operate container shipping services on Asia-Africa and China-Southeast shipping lines…
Cosco Merger May Change Industry Dynamics
The merger between China Shipping group and the Cosco Group has given rise to a mammoth company that could trigger stability and extended consolidation in the global shipping industry, says a report in the WSJ. The merger will free the two Chinese shipping groups from competing against each other at home and abroad, in an industry swamped with oversupply and depressed freight rates. The new world leader in shipping industry is likely to own 832 ships including containers, dry-bulk vessels and tankers amounting to almost $22 billion.
Capital Product Partners Declare Cash Distribution
Capital Product Partners L.P. a Marshall Islands master limited partnership and an international owner of modern tanker, container and drybulk vessels today announced that its board of directors has declared a cash distribution of $0.2385 per common unit for the fourth quarter of 2015 ended December 31, 2015. The fourth quarter common unit cash distribution will be paid on February 12, 2016, to unit holders of record on February 5, 2016. All vessels of Capital Product Partners are under period charters to BP Shipping Limited, Cargill International S.A., CMA-CGM S.A., Cosco Bulk Carrier Co.
Commercial Ships Makes a Comeback to Iran
With MSC Mediterranean Shipping Company has resumed vessel operations to Iran, after services were suspended in 2012 in response to trade sanctions, Some of the world’s largest container shipping lines are pursuing business in Iran, reports WSJ. The shipping lines are planning to stop in Iran for the first time in years after the lifting of sanctions, marking a key step in the country’s return to international markets. The container ship MSC Domitille was the first, which berthed at the port Shahid Rajei after company started regular weekly loops through the southern Iranian port.
CMA CGM - Adani Mundra Terminal Gets New Cranes
The first set of seven new Terminal Equipment which includes 4 QUAY and 3 RTG Cranes for its new Adani CMA Mundra Terminal ( ACMT) has reached Adani Ports and Special Economic Zone. ACMT is an equal joint venture with French container line CMA CGM SA and Adani Ports and Special Economic Zone Ltd (APSEZ), India’s biggest private port operator —the fourth—at Mundra port in Gujarat. The equipment was brought in by ZPMC vessel ZHEN HUA25 its unloading took six days. The four RMQC…
CMA CGM Buys NOL Shares from Open Market, Below Par
CMA CGM SA has bought about 3.68 million shares of Singapore-based Neptune Orient Lines (NOL) on the open market at S$1.22 per share. The shares purchased make up 0.14 per cent of NOL's issued share capital, reports Straits Times. The purchase price is at a 6 per cent discount to CMA CGM's offer to acquire all of NOL's issued and paid up shares at S$1.30 per share. CMA CGM SA has already made a $2.4 billion takeover bid for NOL to try to cement its own position as a global leader in container shipping.
Cosco, China Shipping Merger Gets Green Signal from Beijing
China State Council has given the go-ahead for country's two largest shipping conglomerates to merge, continuing a trend in the industry to trim down state-owned enterprises, reports Caixin Media. The China Ocean Shipping Co. (COSCO Group) and China Shipping Group Co. have been working on a deal since August. The listed subsidiaries of the two firms are expected to make separate statements on their next step on December 11, the executive said. Meanwhile, WSJ reported that the shipping companies plan to issue details of their long-expected multibillion-dollar merger plans as early as Friday…
Temasek to Sell Entire NOL Stake for $1.61 Billion
Singapore sovereign wealth fund Temasek Holdings has agreed to sell its entire 67 percent stake in Neptune Orient Lines (NOL) to France’s CMA CGM, the world’s third-largest container shipper. CMA CGM will pay S$1.30 a share in cash for the 2.6 billion shares in NOL, 6 per cent above the last closing price on the Singapore Exchange, and a 33 per cent premium to the three-month volume-weighted average price to July 16. Temasek has accepted the offer. Tan Chong Lee, Head of Portfolio…
Moody's changes outlook on CMA CGM's B1 ratings to stable
Moody's Investors Service has today changed to stable from positive the outlook on CMA CGM S.A.'s B1 corporate family rating, B1-PD probability of default rating and B3 senior unsecured rating. Concurrently, Moody's has affirmed the ratings assigned to the company. This follows CMA CGM's announcement of a pre-conditional voluntary general cash offer to acquire Neptune Orient Lines Limited (NOL, unrated), a Singaporean container liner, for a consideration of $2.4 billion. Temasek Holdings (Private) Limited (Aaa stable)…
CMA CGM to Acquire Neptune Orient
France’s CMA CGM SA is in exclusive talks to buy Singapore’s Neptune Orient Lines Ltd (NOL), the shipping company and its Singapore’s Temasek Holdings Ltd., its largest shareholder, said. The deal would bring together the world’s third-largest container company with Southeast Asia’s biggest container shipper. If materialises, it would be one of the biggest acquisitions in the shipping container industry in years. NOL, whose ships operate under the APL brand, said that Temasek…
Cosco, China Shipping Mega Merger Deal May Get Green Signal Soon
The merger deal of China’s two shipping gianst China Ocean Shipping Co., or Cosco, and China Shipping Group that could create the world’s fourth largest container operator is expected to get approval by Chinese government by January, reports WSJ. The companies have been working out a deal for months, centered on combining the two companies’ container-shipping units. They are also looking into merging tanker, dry-bulk and port operations, the people said. The tie-up is part of…
China Shipping and Cosco Near Mega Merger Deal
State-owned shipping giants China Ocean Shipping Co. (Cosco Group) and China Shipping Group (CSG) are in advanced negotations on combining their container shipping businesses, reports WSJ. Rumors of a merger deal between the two have been floating for half a year. Both companies suspended trading their shares at the start of August. Discussions are complex and would require government and regulatory approval that has proved difficult to predict. If successful, the deal would create the world’s fourth largest container operator by capacity.