SHIPPING & WAREHOUSING ■ 17
C&CI
FRANCE
LIBERIA
NIGERIA
Banks grant US$80 million
March 2010
credit line to troubled CMA CGM Bidder places price Cargo tracking levy is to
tag on Monrovia
fund security programmes
A consortium of banks has granted French
Freeport
container shipping line CMA CGM a US$80 Reports from Nigeria say the Managing
million credit line, thus easing speculation According to reports the mini- Director of Nigerian Ports Authority, Malam
that financiers were not convinced about mum investment to construct Abdul-Salam Mohammed, has said that the
the company’s debt restructuring pro- and outfit the Freeport of proceeds of a newly introduced Cargo
gramme. Monrovia in Lineria will be at Tracking Note levy collection are to be used
Towards the end of 2009, CMA CGM least US$200 million, this being to finance safety and security enhancements
announced it had secured a US$500 million the price tag for the 25-year in Nigerian ports.
credit line, but the company says talks with concession which includes Port users and other stakeholders in the
its banks are progressing "without hin- infrastructural construction maritime industry have vehemently opposed
drance." Talks to obtain a larger line of credit costs and port equipment the introduction of the levy, describing it as
are said to be moving in the right direction. provision. illegal.
CMA CGM is seeking to restructure The Bolloré Group, a Paris-
around US$5.6 billion worth of borrowing based French investment con-
and raise new capital, according to a notice glomerate, is reported to have GHANA
to bondholders issued in December 2009. offered US$210 million to kick
CMA CGM has also recently announced start the project. The invest- Commodity village will ease congestion
that Philippe Soulié, former head of French ment will cover US$100 million
construction group Cnim, has been for equipment, US$60 million Ghana News Agency says a new ‘commodity vil-
appointed CEO of the company. The first for construction and infrastruc- lage’ on a 300-acre site at Apowa near Takoradi
meeting of Marseilles-based CMA CGM’s ture and US$50 million for civil will be used to re-locate many of the articulated
recently elected board of directors also works, training and associated trucks loaded with cocoa beans intended for
named Jacques Saadé chairman of the plant. shipment through Takoradi Port.
company, which he founded and subse- According to a report in The The facility, devised by Global Haulage in part-
quently built up into the world’s third largest Independent newspaper, Bolloré nership with the Cocoa Marketing Company,
carrier. Farid Salem, Rodolphe Saadé and is convinced that any invest- Quality Control Company, and COCOBOD is
Jean-Yves Schapiro were appointed execu- ment less than US$200 million intended to serve as a one-stop shop for drivers
tive directors, but Jacques Saadé has had will not bring the port to com- who transport large quantities of cocoa from the
to accept that should loosen family control petitive international standards hinterland to the harbour.
of CMA CGM in order to obtain the much- allowing larger vessels to stim- The facility should help ensure due process in
needed credit line CMA CGM needed. ulate competition at the port, reconditioning and standardization; speed up
Following a return to operating profit in which is currently not the case. the turn-around of trucks hauling cocoa; and
the fourth quarter of 2009, the company The Bolloré Group is report- help to enhance the quality of the commodity
said it expects to see further improvement ed to have said that it wants to prior to shipment.
in revenue, supported by higher load fac- make the port of Monrovia In due course, the commodity village is due to
tors and steadily rising freight rates. equal existing ports such as the handle 90 per cent of the containers being used
CMA CGM is reportedly negotiating with port of Abidjan, the most func- to ship cocoa, with the remaining 10 per cent
as many as 63 creditor banks to restructure tional, up to date and profitable handled at Takoradi Port.
its debt and is reportedly talking with Asian port in West Africa, where it The Cocoa Marketing Company said the new
shipyards about cancelling or delaying has had interests since 2004. had also helped reduce congestion in Takoradi
delivery of 30 of the 45 ships it has ordered. Port and the rest of the city.





 



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