Latest news with #CMA_CGM
Bloomberg
4 days ago
- Business
- Bloomberg
Eutelsat in Talks to Double France's Stake in €1.5 Billion Raise
Eutelsat Communications SA, the European satellite operator working to rival Elon Musk's Starlink, is in talks with investors to raise €1.5 billion in a deal that would more than double the French government's stake to 30%, people familiar with the matter said. Eutelsat has been in talks with the French government, investor Fonds Strategique de Participations, shipping company CMA CGM and the UK government about participating in the fundraising, the people said, asking not to be identified because the deliberations are private. The funds would help build out Eutelsat's low-Earth orbit satellite network, they said.
Zawya
6 days ago
- Business
- Zawya
Nigeria: Agents demand fee removal of container deposits by Maersk, MSC, others
Clearing agents operating at the nation's ports have called on other foreign shipping companies to stop the collection of Container Deposits Fee from importers during cargo clearance processes. Recall that French shipping liner, CMA CGM recently announced that it has stopped the collection of Container Deposits Fee from importers with effect from 21st of May, 2025. Reacting to the decision by CMA CGM to cancel Container Deposit Fee collection, a former acting National President of the Association of Nigerian Licensed Customs Agents (ANLCA), Dr. Kayode Farinto, in an exclusive chat with the Nigerian Tribune, explained that it is already part of the recommendations submitted to the Nigerian Shippers Council (NSC) during a stakeholders engagement, and that it is already embedded in the Nigerian Port Economic Regulatory Agency Bill. According to Farinto, 'CMA CGM only tried to beat what was coming. The law that will stop all shipping companies from collecting Container Deposits Fee is already in the Nigerian Port Economic Regulatory Agency Bill which is already on the table of Mr. President for accent. 'So, CMA CGM got wind of this and quickly played along by stopping the collection of the fee from importers. I am surprised that Maersk Line and Mediterranean Shipping Company (MSC) are still slamming such charges on importers. 'When Mr. President finally accents to the Bill, all the shipping companies will have no choice but to stop the collection of such charges because there will be a penalty for such. By then, it would have become mandatory for all of them to stop the collection of such charges.' In a formal communication to the Council, CMA CGM attributed the decision to valuable customer feedback received over the years. 'Over the years, we have heard your feedback regarding the Container Deposit process, and we are pleased to announce that effective May 21, 2025, we have removed the container deposit requirement for all new bookings. 'In place of the deposit, we have enhanced our documentation and verification process to ensure secure and efficient service. A checklist will be shared via our usual communication channels for your guidance. 'This change is designed to streamline operations, reduce financial strain, and simplify logistics for you. This adjustment further aligns with our commitment to ensuring a more seamless experience for your business,' a CMA CGM statement read
The Independent
22-05-2025
- Business
- The Independent
Air Belgium has gone bankrupt, and thousands of passengers are unlikely to get refunds
A travel agency group is calling for EU law to be changed after a Belgian airline was liquidated last month, leaving 'thousands unlikely to receive refunds', and putting the financial burden on travel intermediaries. Air Belgium, a cargo airline that used to run passenger flights, has been taken over by a shipping company after the company fell into financial hardship and was liquidated. The airline announced on 30 April that a business court has approved CMA CGM group, which has deals in sea, land and air logistics, to take over the airline's cargo operations. As a result, the airline was placed into liquidation by the same court that approved the takeover. CMA CGM will continue to focus Air Belgium's activities on air freight, meaning 124 jobs, including 74 pilots, will be preserved. Meanwhile, other travel industry players have been left unsatisfied by how Air Belgium's bankruptcy was handled. The European Travel Agents' And Tour Operators ' Association (ECTAA) released a statement on 15 May demanding urgent airline insolvency protection, claiming the bankruptcy has exposed travel agents, tour operators and customers to millions in losses. The association said the liquidation of Air Belgium has 'left nearly €8 million in outstanding passenger refund claims, of which more than €5 million was sold through travel intermediaries (travel agents and tour operators).' The airline initially ceased all scheduled passenger flights in September 2023 and shifted towards cargo and charter operations. At the time, Air Belgium said that passengers who had flights cancelled would be reimbursed 'as a matter of priority in the scope of the proceedings.' However, now that Air Belgium has gone bankrupt, the ECTAA said 'thousands of passengers are unlikely to receive refunds for their cancelled flights, with the remaining claims now part of the bankruptcy proceedings.' In a statement on the company's liquidation, Niky Terzakis, CEO of Air Belgium, said: 'Of course, we would have preferred a different outcome for our passenger operations, which impacted some of our employees and customers. 'However, this transfer was the only viable option after all other rescue paths were explored.' The ECTAA explains that when a travel intermediary sells a flight ticket as part of a package and the airline goes bankrupt, the package organiser is required by law to provide an alternative ticket to customers. However, there is no real prospect of recovering the original funds from the insolvent airline. 'This places an unfair financial burden on travel intermediaries, who are left to absorb the losses caused by airline failures,' it said. Air Belgium's liquidation has coincided with the Council of the European Union's recent discussions around the revision of the Air Passenger Rights Regulation. Due to this, the ECTAA is currently seizing the moment and urging policymakers to include measures guaranteeing the refund of ticket prices when flights are cancelled due to an airline ceasing operations or going bankrupt. Frank Oostdam, President of ECTAA, said: 'The Air Belgium bankruptcy is yet another stark reminder that the current system leaves both consumers and travel intermediaries exposed to unacceptable risks. 'Airlines must be required to provide financial guarantees to cover their liabilities in case of insolvency.' Mr Terzakis, CEO of Air Belgium, also explained why Air Belgium has struggled to survive and its move to being taken over by the shipping giant. 'Since its creation, Air Belgium has had to face a series of challenges, including several years of global crises brought on by COVID-19, the war in Ukraine, and others,' he said. 'The company took every necessary measure and did all it could to ensure its survival, despite the many obstacles. I am extremely proud of our staff for their loyalty, expertise, energy, and unwavering commitment. 'This is exactly what CMA CGM Group recognised in choosing to trust us with this takeover. CMA CGM is a dynamic and ambitious group with a strong position in the market. I believe our team will be an added strength.' 'The successful completion of this transfer was also made possible thanks to the cooperation of all stakeholders, including trade unions, the relevant Belgian authorities, suppliers and clients.' 'The preservation of jobs linked to cargo operations and the development of freight activities from our country offer encouraging prospects for the future and represent good news for the Belgian aviation sector.' The UK's Civil Aviation Authority states that if you have booked flights or a trip that includes flights with a travel firm that holds an Atol (Air Travel Organiser's Licence), the travel firm is responsible for your flight arrangements. It must either make alternative flights available for you so that your trip can continue or provide a full refund. If you are abroad, you should make arrangements to bring yourself home at the end of your trip. In terms of travel insurance, airline financial failure or insolvency is rarely included on most policies, so it is important to check if your package is Atol protected.
Bloomberg
16-05-2025
- Business
- Bloomberg
Shipping Giant CMA CGM Sees Cargo Jump After China Tariff Relief
By Takeaways NEW Shipping giant CMA CGM SA is experiencing a sharp upswing in demand for freight transport out of China in a further signal that trade is rebounding after Beijing reached a temporary truce with the US to lower tariffs. The world's third-largest container line controlled by billionaire Rodolphe Saadé and his family said the surge started after a 90-day reduction in levies was announced earlier this week.
Reuters
16-05-2025
- Business
- Reuters
France's CMA CGM to redeploy fleet to avoid U.S. port fees on Chinese vessels
PARIS, May 16 (Reuters) - French shipping group CMA CGM will reorganise its global fleet to avoid U.S. port fees on Chinese-built vessels that are due to take effect from October, the company's finance director said. The port charges are another operational headache for shipping firms wrestling with the fallout from U.S. tariffs, though adjustments made by Washington after an industry backlash have made the fee scheme less disruptive than feared, Ramon Fernandez, CMA CGM's chief financial officer, told Reuters. U.S. President Donald Trump's administration aims to use the port fees to counter China's dominance in global shipbuilding and support a revival of U.S. maritime transport. "We have enough ship capacity to adapt to this situation and avoid paying fees," Fernandez said in an interview, adding that less than half of CMA CGM's fleet of around 670 ships were Chinese-built. On a complex scale of fees, Chinese companies operating ships built in China face the steepest levies for calling at U.S. ports. All shipping firms including China's COSCO would adapt to the fees, Fernandez added during a call with reporters, without commenting on the potential impact on Ocean Alliance, a vessel-sharing agreement in which CMA CGM and COSCO are among the partners. The world's third-largest container shipping line, CMA CGM, was hailed by Trump for a plan to invest $20 billion in the United States. Reporting first-quarter results, CMA CGM said a rush to ship goods before the U.S. tariffs announcement on April 2 had supported a 4.2% year-on-year rise in its maritime volumes, contributing to an increase in group sales and profits. Controlled by the French-Lebanese Saade family, CMA CGM also has a large logistics business and growing media interests. Echoing its peers, CMA CGM said the escalation in tariffs in April had stifled trade between China and the U.S., before a revival in demand this week following a Sino-American agreement to scale back tariffs temporarily. The group saw the cancellation of around half of bookings for May shipments between China and the United States prior to an upturn this week, Fernandez said. "Everyone is expecting trade in June to be much more active than was feared just a few days ago." He declined to give an outlook for full-year volume growth in container shipping, citing uncertainty over how the on-off trade war will play out.
