Wednesday, June 20, 2018

Container Shipping Giant Snaps Up Short Sea Feeder Freight Line

Continued Expansion for World's Third Largest Box Carrier
Shipping News Feature
FRANCE – FINLAND – French container shipping giant, CMA CGM has announced an agreement with Finland's Container Finance, to acquire Finnish intra-European short sea freight feeder line, Containerships. The deal includes Container Finance's holdings in port operator Multi-Link Terminals, and container services firm CD Holding, all of which will become part of the CMA CGM Group, pursuant to approval by the relevant authorities.

Upon closing of the deal Container Finance’s entire container logistics operations will integrate with CMA CGM, and its affiliate MacAndrews’ intra-regional market offering in Europe and Mediterranean area. Founded in 1966, Containerships boasts a strong presence in the Baltic market, Russia, Northern Europe, North Africa and Turkey. With a workforce of 560 people, Containerships offers its customers a complete range of services, as well as logistics solutions by ship, truck, rail and barges.

Containerships owns 15 small box ships, and will take delivery of four LNG-fuelled vessels between August 2018 and January 2019. The agreement is estimated to be completed in three to six months. The acquisition of Containerships forms part of CMA CGM's development strategy, aimed at densifying the Group’s regional network, exemplified by the French group’s recent acquisition of nearly 25% of Ceva Logistics.