RR freight forwarder25 Sep 2020 16:39
just to add misery to RR position i have been told their logistics provider had financial problems as per this:-
CMA CGM could be forced to sell a minority stake in Ceva Logistics, barely a year after it took over the operator, as it seeks to reduce its growing debt mountain and improve its liquidity position.
As noted in this week’s Loadstar Premium, the French carrier’s reported core ebit of €1.13bn ($1.28bn) was overshadowed by its annual debt interest bill of €1.39bn.
And the French carrier is now faced with increasingly limited options as it bids to reduce its debt, according to new analysis from Alphaliner today, which noted that “CMA CGM said the current bond prices would not support the issuance of new bonds and it will consider various options to improve its liquidity position”.
The liner shipping analyst said the line’s options to raise cash included: “the sale of remaining unencumbered vessel and container equipment assets that are valued at about $400m; the sale of remaining 17 terminal assets that have not been sold to the China Merchants Ports joint venture; and the sale of a minority stake in CEVA Logistics”.
goes from bad to worse