CMA CGM may sell stake in terminal to Yldirim

French maritime transport group CMA CGM is in talks to transfer to its shareholder Turkish Yldirim a 49 percent stake in the container terminal at Valletta's port, in Malta, French daily les Echos reported, without disclosing its sources.


The two companies are reportedly close to an agreement, even though other groups are still in the race.


The stake sale is part of CMA CGM's debt restructuring programme, together with the offload of cruise company Compagnie du Ponant.


CMA CGM has ordered nine new ships, which will be delivered in 2011, and a further six will be delivered by 2014.


The maritime transport group is considering finding new financing sources in order to buy new ships, deputy CEO Rodolphe Saade said.


Meanwhile, CMA CGM launched its new 363-m-long container ship Titan, which will operate on the routes between northern Europe and Asia.


The christening ceremony took place at the port of Dunkirk, northern France.


The ship will be based in Valletta, Malta, and will transport containers to 10 ports, including Ningo and Shanghai in China, Singapore, Le Havre in France and Rotterdam in the Netherlands.


CMA CGM currently holds a 13 percent market share in the maritime freight transportation between Asia and Europe.
(Source:http://www.cargonewsasia.com)