English Arabic Armenian Azerbaijani Chinese (Simplified) Chinese (Traditional) Czech Danish Dutch Estonian Filipino Finnish French Galician Georgian German Greek Hindi Hungarian Icelandic Indonesian Italian Japanese Korean Latvian Lithuanian Malay Maltese Norwegian Persian Polish Portuguese Russian Slovak Slovenian Spanish Swedish Thai Turkish Ukrainian Vietnamese

CMA CGM won’t change G6 Alliance

HAMBURG: December 11, 2015. Hapag-Lloyd says the planned purchase by CMA CGM of Neptune Orient Lines (NOL), parent company of G6 Alliance member APL, will have no immediate effect on the G6 service through 2016.

The G6: APL, Hapag-Lloyd, Hyundai Merchant Marine, Mitsui O.S.K. Lines, Nippon Yusen Kaisha and Orient Overseas Container Line said they would "make further announcements should there be any development".

APL PhoenixNOL/APL owner Temasek, Singapore's sovereign wealth fund, has signaled acceptance of CMA CGM's US$2.4 billion offer, subject to regulatory approval that is expected by mid-2016.

CMA CGM vice chairman Rodolphe Saadé said the acquisition would leverage the complementary strengths of both lines and reinforce the privately-held French company's position as a leader in global shipping with combined revenue of US$22 billion and 563 vessels.

"At a time when the shipping industry is facing strong headwinds, scale is more critical than ever to capitalize on synergies and capture growth opportunities wherever they arise. I firmly believe CMA CGM will enable NOL to address the industry's new challenges. We recognize the strategic importance of Singapore as a key hub for the maritime industry and we are committed to reinforcing its regional leadership," he added.

Tan Chong Lee, head Portfolio Management at Temasek added: "We are supportive of this transaction as it presents NOL with an opportunity to join a leading player with an extensive global presence and solid operational track record. We also note and welcome the commitment of CMA CGM to enhance Singapore's position as a key maritime hub and grow Singapore's container throughput volumes."

CMA CGM said it expects to retain the APL brand and strengthen its position in key routes to the U.S., intra-Asia and Japan. The combined entity will increase its global market share from 8.8 percent to 11.5 percent.

Noting the industry is facing "significant challenges with strong pressure on capacity and pricing", the company said scale provides a strategic advantage in order to deliver sustainable performances in the mid-term. CMA CGM added it plans to open a regional head office in Singapore and has committed to putting more box volume through the port.

News

Written on 21/11/2017, 21:21
singapore-signs-smart-logistics-mou-with-south-koreaSINGAPORE: November 21, 2017. Government enterprise agency IE Singapore has signed an MoU with South Korea's Gyeonggi province to collaborate in...
Written on 17/11/2017, 21:43
decathlon-takes-to-the-railsDOURGES, France: November 16, 2017. Maersk Line and Damco, subsidiaries of A.P. Møller – Mærsk, have completed their first block train from Wuhan, China...
Written on 16/11/2017, 18:06
mia-director-resignsMIAMI: November 14, 2017. Miami-Dade County Aviation Department director and CEO Emilio González, the driving force behind much of Miami International...
Written on 14/11/2017, 20:26
truck-manufacturers-face-class-action-lawsuitLONDON: November 14, 2017. UK law firm Collyer Bristow has established a £100 million class action for truck operators that may have been overcharged by...
Written on 14/11/2017, 17:03
finland-opens-new-rail-route-to-chinaKOUVOLA, Finland. November 12, 2017. A new weekly rail service between Northern Europe and China launched on November 10 as the first train with 41...
Written on 10/11/2017, 20:10
imd-acknowledges-family-business-excellenceGRAN CANARIA, Canary Islands: November 10, 2017. Swiss business school IMD has recognized global brand management company Pentland Group with its 22nd...
Written on 08/11/2017, 22:02
how-much-carbon-risk-in-us-355-billionLONDON: November 08, 2017. The Carbon War Room (CWR), founded in 2009 by Richard Branson and others to advance the low carbon economy, is calling for the...
Written on 07/11/2017, 19:59
costa-rica-signs-biofuel-deal-with-klmAMSTERDAM: November 07, 2017. As delegates to the 2017 UN Climate Change Conference (COP 23) meet in Bonn this week, KLM and the government of Costa Rica...
Written on 06/11/2017, 02:27
qatar-airways-takes-cathay-pacific-stakeHONG KONG/DOHA: November 06, 2017. Qatar Airways is buying 9.6 percent of Cathay Pacific Airways (CX) for HK$5.16 billion (US$661 million). The shares...
Written on 03/11/2017, 15:09
slower-airfreight-growth-in-2018-says-iataGENEVA: November 01, 2017. IATA reports a 9.2 percent increase in flown freight in September 2017 compared to the same month last year as capacity rose...
Written on 01/11/2017, 19:42
heathrow-misery-must-end-say-forwardersLONDON: November 01, 2017. The head of the UK's freight forwarder association says his members "want action, not words" to resolve congestion at...
Written on 30/10/2017, 21:03
china-s-one-belt-one-road-gets-new-rail-linkBAKU, Azerbaijan: October 30, 2017. The Baku-Tbilisi-Kars (BTK) railway connecting Azerbaijan, Georgia and Turkey has opened following the completion of a...
Written on 29/10/2017, 19:47
dp-world-to-support-us-500-billion-saudi-projectRIYADH, Saudia Arabia: October 26, 2017. Speaking at the Future Investment Initiative this week, DP World chairman and CEO Sultan Ahmed Bin Sulayem...
Written on 27/10/2017, 20:40
deutsche-post-dhl-delivers-unity-symbol-ahead-of-climate-conferenceBONN: October 26, 2017. As the official logistics partner for the UN Climate Change Conference (COP23) in Bonn next month, Deutsche Post DHL has shipped a...
Written on 26/10/2017, 19:41
change-of-chairs-at-tiacaMIAMI: October 26, 2017. The Board of the International Air Cargo Association has appointed Jan de Rijk Logistics CEO Sebastiaan Scholte its new chairman...
Written on 26/10/2017, 16:06
amazon-to-launch-keyless-home-deliverySEATTLE: October 25, 2017. Amazon will launch its 'Amazon Key' home delivery service for Prime members in 37 U.S. cities on November 08 at a one-time cost...
Written on 25/10/2017, 20:52
delta-introduces-a350-capacity-as-pharma-growth-continuesATLANTA: October 25, 2017. Delta Air Lines is to launch its A350-900 aircraft on flights from Detroit to Tokyo-Narita on October 30 followed by services...
Written on 20/10/2017, 20:31
cma-cgm-members-add-intra-asia-capacitySINGAPORE: October 20, 2017. CMA CGM Group subsidiaries APL and Cheng Lie Navigation (CNC) have launched a new Korea China Straits (KCS) box service...
Written on 19/10/2017, 21:13
britain-requires-new-aviation-strategy-with-or-without-brexitLONDON: October 18, 2017. The Manchester Airports Group (MAG), owner of Manchester, London Stansted and the airfreight-focused East Midlands Airport, has...
Written on 18/10/2017, 20:06
airlines-increase-support-for-endangered-speciesDOHA: October 18, 2017. Qatar Airways has joined Airlines for America, Delta, Emirates, IATA, Kenya Airways and United in the USAID Reducing Opportunities...

- powered by Quickchilli.com -