CMA CGM considers selling its stake in Malta Freeport

French ocean carrier CMA CGM is in talks over the sale of a minority stake in Malta Freeport Terminals, one of the largest container transshipment hubs in the Mediterranean, the Journal of Commerce reports today, di-ve reports.


The planned deal is part of a financial restructuring the world’s third largest carrier struck with its creditors earlier in the year.


“We confirm that CMA CGM Group … is studying the possibility of opening the concessionaire capital to minority investors [49 percent]. No final agreement has been concluded yet,” the Marseille-based carrier said.


The company did not identify potential bidders for a stake in the transshipment hub.


CMA CGM won a 30-year concession to operate and develop Malta Freeport Terminals in October 2004. The government of Malta extended the concession to 65 years in February 2008.


The French carrier is the major customer of the terminal, which handled 2.37 million twenty-foot-equivalent units in 2010.


CMA CGM has a growing portfolio of container terminals around the world, including Portsynergy, a joint venture with Dubai’s DP World, that has a 35-year concession to operate a two million TEUs-a-year facility in Marseille.


CMA CGM, which booked a $1.6 billion net profit for 2010 after losing $1.4 billion in 2009, is reported to have net debts of around $4.5 billion.The family-controlled carrier raised $945 million from the sale of bonds in April.
(Source:http://en.portnews.ru)