Beirut Blast a Wake-up Call on Dangers of Ammonium Nitrate
The devastating explosion in Beirut should be a wake-up call for countries on the dangers of ammonium nitrate, which caused the blast, experts say.Lebanese authorities said 2,750 tonnes of the industrial chemical had been stored for six years at Beirut port without safety measures. That stockpile exploded on Tuesday, killing more than 150 people, injuring thousands and leaving about a quarter of a million people homeless.Commonly used in fertilizers and as an industrial explosive…
CMA CGM Says Missing Beirut Staff Member Died
Container shipping group CMA CGM said on Thursday that one of its staff who was missing after an explosion that ripped through Beirut port on Tuesday has died.The French-based company in a statement said that two of its staff in Beirut were seriously injured and many slightly hurt.It also confirmed that it was setting up a logistics hub in the Lebanese port of Tripoli, like other shipping firms, and was also offering logistical assistance to the authorities.(Reporting by Gus Trompiz; Editing by Jon Boyle)
CMA CGM Halts Timber Exports from Gambia Over Rosewood Risk
Shipping group CMA CGM said on Wednesday it was suspending timber exports from Gambia due to suspected trafficking of rosewood in the West African country.Demand for furniture in China has led to widespread felling of rosewood in West Africa in recent years, despite the variety being protected under the United Nations' Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES)."Following several suspicions that undeclared rosewood may have been part of cargo shipments from Gambia, the group has decided to halt its timber exports from the country until further notic
CMA CGM Sees Shipping Bottoming Out in Q2
CMA CGM expects activity in the shipping sector to bottom out during the second quarter as countries emerge from coronavirus-related lockdowns and ship operators adjust capacity, the France-based group's finance chief said.The world's fourth-largest container shipping line had anticipated a 15% year-on-year drop in its volumes in the second quarter, after a 4.6% decline in the first quarter, Chief Financial Officer Michel Sirat said."I think that the second quarter will be the low point," he told Reuters by telephone.
CMA CGM Aims to be Carbon Neutral by 2050
French-based CMA CGM, the world’s fourth-largest container shipping group, said on Tuesday it would aim to become carbon neutral by 2050.The company, headquartered in the Mediterranean port of Marseille, also announced in a statement a target for 10% of its energy supplies to be made up of alternative fuels by 2023.CMA CGM, which was citing objectives set out by Chairman and Chief Executive Rodolphe Saade during a United Nations conference, is following market leader Maersk in aiming to reduce its net carbon emissions to zero by 2050.The French group…
China-Australia Row to Reshuffle Trade in Bulging Barley Market
A prohibitive Chinese import tariff on Australian barley will benefit other suppliers without changing the bleak global outlook caused by large stocks and depressed beer demand, analysts and traders said.Beijing said on Monday it would apply an 80.5% tariff on Australian barley imports for the next five years, a move expected to all but halt flows from its main supplier.“This should benefit Canada and France that have plenty of stock this year,” Helene Duflot of French consultancy Strategie Grains said.
CMA CGM Takes $1.1 Bln Loan
Shipping group CMA CGM has obtained a 1.05 billion euro ($1.1 billion) loan to be 70% guaranteed by the French government as it seeks to bolster its cash position during the coronavirus pandemic, which has hammered international trade.The loan, secured from a consortium of banks comprising BNP Paribas, HSBC and Société Générale, has an initial one-year maturity and an extension option of up to five years, Marseille-based CMA CGM said in a statement on Wednesday.France is offering guarantees to support billions of euros in loans for French companies to help them survive the economic fallout fro
Coronavirus Upends Global Food Supply Chains
In the fertile Satara district in western India, farmers are putting their cattle on an unorthodox diet: Some feed iceberg lettuce to buffalo. Others feed strawberries to cows.It’s not a treat. They can either feed their crops to animals or let them spoil. And other farmers are doing just that - dumping truck loads of fresh grapes to rot on compost heaps.The farmers cannot get their produce to consumers because of lockdowns that aim to stop the spread of coronavirus. In India…
Intermodal Supply Chains Strain Under the Weight of Coronovirus Lockdowns
LONDON/MADRID/LOS ANGELES, March 23 - Freight carriers are struggling to deliver goods by land, sea or air as the coronavirus pandemic forces Western governments to impose lockdowns, threatening supplies of vital products including medicines into the most affected areas, such as Italy.While China's draconian steps to stop the spread of the virus are now allowing its economy slowly to come back online, supply chains are backing up in other parts of the world.Problems ranging from…
Western Supply Chains Buckle as Coronavirus Lockdowns Spread
Freight carriers are struggling to deliver goods by land, sea or air as the coronavirus pandemic forces Western governments to impose lockdowns, threatening supplies of vital products including medicines into the most affected areas, such as Italy.While China's draconian steps to stop the spread of the virus are now allowing its economy slowly to come back online, supply chains are backing up in other parts of the world.Problems ranging from finding enough truck drivers to restrictions on seafarers and a lack of air freight are hitting the smooth flow of goods…
CMA CGM: Virus Impact Limited as China Activity Resumes
French shipping group CMA CGM said its operations in China were returning to normal after the coronavirus outbreak crippled traffic last month, forecasting the health emergency would have a limited impact on its results this year.CMA CGM, the world's fourth-largest container shipping firm, expects to return to normal fleet capacity in China from mid-March after seeing signs of industrial production picking up as of late February, it said in a results statement on Friday.The new coronavirus…
Coronavirus Disrupts Global Container Shipping
China's fast-spreading coronavirus is throwing the global container shipping trade out of sync, with lines re-routing cargoes and reducing calls to Chinese ports, setting the scene for months of delivery delays ahead, industry sources said.The spread of the deadly virus has shut down cities and factories in China and disrupted global air travel.China's decision to extend its Lunar New Year holiday period until Feb. 10 has compounded logistical complications, despite its ports staying open.
CMA CGM: Terminal Deal with China Merchants Complete
CMA CGM said on Friday it had finalized an agreement with China Merchants Port Holdings Co.
MSC Re-Routes Cargos Due to French Strikes
Swiss headquartered container shipping company MSC said on Friday it was implementing contingency plans to re-route container ships away from French ports when necessary due to strikes in the country."MSC Mediterranean Shipping Company is closely monitoring the situation in France where industrial action by labour unions is impacting maritime ports and overland transportation networks around the country," an MSC spokesman said.MSC said it would resume normal services to France as soon as possible. (Reporting by Jonathan Saul and Gus Trompiz; Writing by Maya Nikolaeva; Editing by David Clarke)
CMA CGM to Raise $2 bln to Fund CEVA Deal
Shipping group CMA CGM said it planned to raise $2 billion to help finance its takeover of CEVA Logistics, with half the cash coming from selling port assets to its joint venture with China Merchants Port Holdings Co.France-based CMA CGM, the world's fourth-largest container shipping company, bought CEVA this year to expand in land logistics, valuing the firm at about $1.7 billion.CMA CGM said it was pushing back some of Switzerland-based CEVA's financial targets by two or three years, partly because of a slowdown in some industries, such as car manufacturing.Under an agreement with China Merc
2Q Red Ink for CMA CGM Again
CMA CGM, the world's fourth-largest container shipping firm, reported a second straight quarterly loss as its takeover of CEVA Logistics weighed on its results, but said its business volumes remained strong thanks to growth in the U.S. economy.The French-based group said on Friday that it expected a better second half of the year, supported by previously announced plans to reduce costs and reorganise its shipping services.CMA CGM said it made a second-quarter net loss of $109 million…
COFCO in Talks to Buy Stake in Russian Port Grain Terminal
Top Chinese grain trader COFCO is in talks about buying a shareholding in a grain export terminal in the Russian port of Novorossiysk as part of its expansion in Europe, sources said on Friday.COFCO is understood to be in talks about buying a shareholding of about 25% in the KSK deep water grain terminal in Novorossiysk, three sources said.Talks are being held with the terminal owner, Russian company Deloports Ltd. Deloports declined comment.The COFCO group in China was unavailable for immediate comment.
CMA CGM Upbeat Despite China-U.S. spat
Shipping giant CMA CGM expects to see further growth in its volumes this year as increasing activity from southeast Asia towards the United States helps make up for slowing China-U.S. flows that were a drag on its first quarter.French-based CMA CGM, the world's fourth-largest containing shipping firm, reported on Wednesday a first-quarter net loss of $43 million, compared with a $77 million loss in the same period last year."We are very confident about seeing our volumes grow in 2019, regardless of the geopolitical climate," Chief Financial Officer Michel Sirat said.Brisk China-U.S.
CMA CGM Aims for Ceva Logistics Breakeven in 2019
CMA CGM is aiming for Ceva Logistics to break even this year, its finance chief said on Tuesday, as the French shipping group opened a share offer to cement its control of the Swiss freight specialist.CMA CGM's public tender will offer other shareholders 30 Swiss francs ($29.75) per share, valuing Ceva at 1.67 billion francs, a price agreed after Ceva rejected a takeover bid in October from Danish freight firm DSV.Marseille-based CMA CGM, one of the world's largest container shipping lines, became Ceva's core shareholder when the Swiss company floated on the Zurich stock market last year, as p
Louis Dreyfus CEO, CFO Quit
Louis Dreyfus Company announced the surprise departures of its chief executive and head of finance on Tuesday, triggering another reshuffle at the commodities giant as it strives to recover from weak agricultural markets.The group said in a statement that Gonzalo Ramirez Martiarena had resigned as CEO after three years in the post to pursue other opportunities, and would be replaced with immediate effect by Ian McIntosh, previously chief strategy officer.British national McIntosh…
CMA CGM Estimates Low-sulphur Rule Will Cost $160 Per TEU
Container shipping group CMA CGM said it estimates the cost for it to comply with a new global low-sulphur shipping fuel regulation at around $160 per TEU, or standard container, at current conditions.In a statement on Monday, the French firm, one of the world's largest container lines, said the cost would be absorbed by adjustment of fuel surcharges for customers.CMA CGM reiterated it would use several solutions to meet the low-sulphur standard, which will come into effect on Jan.
CMA CGM Says It's Ready for More M&A Deals
France's CMA CGM, one of the world's largest container-shipping lines, remains interested in seeking acquisitions despite bringing to an end its interest in German peer Hapag-Lloyd, its chief executive said on Thursday."The shipping sector is consolidating further and if there are opportunities the CMA CGM group ... is able to be in the running for a new deal," Rodolphe Saade told Reuters on the sidelines of a ship launch ceremony at the northern French port of Le Havre.Regarding Hapag-Lloyd…
New Fuel Rules Push Shipowners to Go Green with LNG
Tough new rules on marine fuel are forcing shipowners to explore liquefied natural gas as a cleaner alternative and ports such as Gibraltar are preparing to offer upgraded refueling facilities in the shipping industry's biggest shake-up in decades.From 2020, International Maritime Organization rules will ban ships from using fuels with a sulphur content above 0.5 percent, compared with 3.5 percent now, unless they are equipped to clean up sulphur emissions. This will be enforced…
CMA CGM Made Merger Approach to Hapag Lloyd
The world's no. 3 container shipping line CMA CGM of France has made an exploratory approach to German rival Hapag-Lloyd over a possible merger as players in the sector hunt for tie-ups to beat depressed conditions, finance sources say.Three finance sources with knowledge of the matter, who declined to be named due to market sensitivity, said CMA CGM had initiated discussions in recent months with Hapag-Lloyd, which is ranked fifth globally, to look into some form of share merger of the two groups."The idea which has been proposed...
CMA CGM to Buy Finland's Containerships
French-based CMA CGM, one of the world's largest container shipping firms, has agreed to acquire Finland's Containerships from Container Finance Ltd Oy.Terms of the deal, which is expected to close in three to six months, were not disclosed.Containerships, which recorded sales of 227 million euros ($263 million) last year, ships cargo between Finland, Russia, the Baltic States, continental Europe, the UK and Ireland as well as in the Mediterranean region between Turkey and North Africa, it said in a regulatory filing.The acquisition will add to CMA CGM's regional network in northern Europe and
Several Injured in Grain Silo Blast on the Rhine
An explosion at a grain storage facility in the eastern French city of Strasbourg seriously injured three people on Wednesday morning, emergency services said.It was not immediately clear what caused the blast, which set ablaze the silo located on the banks of the river Rhine, on the border with Germany.The site is owned by agricultural cooperative Comptoir agricole. Local grain brokers said it had a storage capacity of 40,000 tonnes.Comptoir agricole declined to comment.France is the European Union's largest grains producer and exporter.