Latest news from Heavy Lift & Project Forwarding International Magazine

Turkish investment for CMA CGM

November 26 - CMA CGM shareholders and the YILDIRIM Group of Turkey have reached an agreement which enables CMA CGM to strengthen its equity base and secure the financing of its investment plan.

Under the terms of the agreement, YILDIRIM Group will invest USD500 million in CMA CGM by acquiring five-year ORA equity notes giving access to 20 percent of CMA CGM's share capital. YILDIRIM Group will also be given three seats on the ten-member board of directors. The historic family shareholder will retain a majority interest with 800f outstanding shares and voting rights.

"This alliance with YILDIRIM Group will enable us to strengthen CMA CGM's balance sheet," said Jacques Saadé, chairman of CMA CGM's board of directors, adding that the arrival of a new investor will provide the Group with additional resources to support and step up its growth.

The agreement comes in a favourable environment for the Group, which reported revenue of USD10.5 billion for the first nine months of 2010, a year-on-year increase of 38 percent. Freight volumes for the same period increased by almost 18 percent year-on-year to 6.8 million teu, and the Group achieved an operating margin 18.5 percent. 

Heavy Lift | News

Consortium to develop ro-ro terminal in Port Saïd  thumbnail image

Consortium to develop ro-ro terminal in Port Saïd 

January 20 - Bolloré Transport & Logistics, Toyota Tsusho Corporation (TTC) and Nippon Yusen Kaisha (NYK) plan to invest USD150 million to develop and operate a ro-ro terminal in Port Saïd, Egypt. 
Views: 249
Senior appointments at Kaleido  thumbnail image

Senior appointments at Kaleido 

January 20 - Spain-based Kaleido Logistics has appointed Xosé Martínez as its general director and Beatriz Alvarado as its sales director. 
Views: 229
MOL boosts services in Thailand thumbnail image

MOL boosts services in Thailand

January 20 - MOL Logistics Thailand (MLG Thailand) is boosting its services in the country to cover inland transport and Customs clearance.
Views: 231

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