20


MALTA FEATURE


ISSUE 3 2011 CMA set to sell off Freeport stake


CMA CGM says that it plans to sell its 49% stake in Malta Freeport Terminal to strengthen its


balance sheet. According


to recent reports, CMA CGM’s shareholder Yildrim Group has been named as the likely buyer. The sale needs to be completed by the end of June if CMA CGM is to avoid interest rate penalties on its loans.


As recently as 2008 CMA CGM extended its original 30-year


concession to manage the Malta Freeport terminal to 65 years compared with the original 30- year deal signed in 2004. Now, though, the French- owned line is in the midst of a financial restructuring plan, following a $500 million capital injection by Turkish-owned conglomerate


Yildrim 270 x 90mm.ai 1 19/05/2011 14:41 group


in exchange for 20% of CMA CGM’s share capital.


CMA manages Malta Freeport


through its


wholly-owned


terminal operating company, Terminal Link.


Malta Freeport is one of CMA


CGM’s five main global hubs. It is unclear what the implications of any sale would be for the line’s actual operations at the hub will be. Maersk line is also reported to be interested in selling up operations in the Freeport as an alternative to Gioia Tauro.


C M Y CM MY CY CMY K


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36