CMA CGM to sell 49pc in Malta Freeport terminal to service debt

FRENCH box carrier CMA CGM is in talks to dispose of its 49 per cent stake in Malta Freeport Terminals three years from renewing a 65-year lease with the Maltese government.


The indebted Marseilles-based shipping giant needs money for debt servicing and hopes to sell its stake before the end of June when obligations must be met, reported Malta Today. CMA CGM has a US$4.5 billion debt load after suffering $1.4 billion loss in 2009 offset by a $1.6 billion profit last year. It also raised $945 million in last month's bond sale.


The Marsaxlokk, Malta Freeport Terminal, is the one of the largest in CMA CGM's portfolio, and with the return of global volumes in 2010, it lifted 2.37 million TEU. The carrier will retain its joint venture of Portsynergy with DP World to operate a two million TEU facility in Marseilles.


Final agreement on an investor is yet to be concluded but the company denies claims that the potential investor is Maersk.
(Source:http://www.schednet.com)