Latest news with #CMACGM
Yahoo
an hour ago
- Business
- Yahoo
CMA CGM revenue, earnings decline on China tariff fight
CMA CGM said maritime business totaled $8.2 billion in the second quarter, reflecting a slight decrease of 1.5% compared to the same timeframe in 2024. The world's third-largest container carrier said that earnings before interest, taxes, depreciation, and amortization (EBITDA) fell by 19.9% to $1.6 billion, on increasing economic pressures. EBITDA margin saw a reduction to 19.4%, a decrease of 4.5 percentage points compared to the previous year. Average revenue per TEU decreased by 1.2% to $1,367. The Marseilles-based company transported 6 million twenty foot equivalent units (TEUs) in the quarter, consistent with the previous year. This near-stability is significant, given the sharp yet temporary decline in trade flows between China and the United States during the quarter. Shipping lines have been whipsawed by the Trump administration's off-and-on tariff policies, which have undercut import demand from China and set downward pressure on container rates. Rodolphe Saade, chairman and chief executive, in a release said, 'In a context marked by persistent geopolitical tensions and renewed trade uncertainties, our group is delivering a stable performance, driven by the resilience of its maritime activities. 'These results also highlight the relevance of our diversification strategy across terminals, logistics, and air freight, which enables us to offer global solutions and adjust our operations more swiftly to shifts in global trade.' Find more articles by Stuart Chirls container rates becalmed as shippers, carriers try to be calm FMC publishing container freight data HK company offers stake in port terminals sale to Chinese company South Korea offers billions to help make US shipbuilding 'great again' The post CMA CGM revenue, earnings decline on China tariff fight appeared first on FreightWaves. Sign in to access your portfolio
Rudaw Net
9 hours ago
- Business
- Rudaw Net
Syria moves to revive key port, border crossings in drive for economic recovery: Official
Also in Interview New electoral system for Syria's parliament finalized, announcement expected soon: Spox Dialogue with Damascus advancing, not yet 'formal negotiations': Rojava official Washington should help SDF reach deal with Damascus: Former US diplomat EU MP urges Turkey to embrace peace talks with PKK A+ A- ERBIL, Kurdistan Region - Syria is ramping up efforts to revitalize its port infrastructure and border operations, securing major investment deals with global logistics giants, a senior official from the General Authority for Land and Sea Border Crossings told Rudaw. However, significant challenges persist at land border crossings, particularly in areas outside full government control. In a Tuesday interview, Mazen Alloush, Director of Public Relations at the General Authority, highlighted recent progress in attracting global logistics players. He noted that French shipping giant CMA CGM and Dubai-based logistics firm DP World are now involved in long-term development projects for Latakia and Tartous ports, respectively. CMA CGM recently secured a 30-year concession for Latakia Port involving an estimated investment of $260 million, while DP World's 30-year concession for Tartous Port is valued at approximately $800 million. Alloush mentioned ongoing efforts 'with another major international operator' regarding 'a new port operation agreement [that] is expected to be signed in the coming weeks," and pointed to plans to develop the Baniyas Port, 'currently used only for oil shipments, into a commercial port soon.' The General Authority also oversees ten Free Zones across Syria. According to Alloush, there are "extensive investment plans" in place to modernize and expand these zones into "internationally competitive hubs." Regarding Syria's land border crossings, Alloush confirmed that 11 out of approximately 20 are currently operational. These include six crossings with Turkey, three with Lebanon, one with Jordan, and one with Iraq. He mentioned plans to reactivate additional crossings, including the al-Tanf-al-Waleed crossing with Iraq and the al-Dabbousiyah crossing with Lebanon. Border traffic has also increased significantly. "From the beginning of the year until today, we have received over five million travelers through our border crossings - three million arrivals and two million departures,' Alloush stated. Despite these developments, he acknowledged the ongoing challenge posed by border crossings located in northeastern Syria (Rojava), particularly in areas controlled by the Syrian Democratic Forces (SDF). However, he expressed optimism that the implementation of the key March 10 agreement - signed between Syrian interim President Ahmed al-Sharaa and SDF chief Mazloum Abdi to integrate civil and military institutions in Rojava under state control - 'will allow us to assume control' and have all border crossings 'be under unified national administration." Alloush also addressed the Semalka border crossing with the Kurdistan Region, calling it 'our most strategic crossing,' through which 'a large volume of goods enters Syria.' He further pointed to communication between the Syrian foreign ministry and the Kurdistan Regional Government (KRG) regarding management and coordination of the crossing's operations. Below is the full transcript of the interview with Mazen Alloush. Rudaw: How do you assess the current situation of Syrian land crossings? How many land border crossings are currently operating in Syria, and how many are out of service? Mazen Alloush: Syria has approximately 20 border crossings, of which 11 are currently operational. Some crossings are undergoing work to be brought back into service, while others remain outside the control of the Syrian government. Currently, we have six operational crossings with Turkey under our control: Jarablus, al-Rai, al-Salameh, al-Hammamat, Bab al-Hawa, and Kasab. With Lebanon, three border crossings are operational: Jdeidat Yabous, al-Arida, and Jousiyeh. Additionally, three other crossings with Lebanon are under maintenance and rehabilitation with the aim of returning them to service. We also have one border crossing with Jordan, the Nassib crossing. And with our brotherly Iraq, the only operational crossing at present is the Albu Kamal-al-Qaim. God willing, there are future plans to reopen several other crossings. As for those that remain outside our control, they are located in areas governed by the [Kurdish-led] Syrian Democratic Forces (SDF). What about the plans for reopening or opening new border crossings? What are your plans? Regarding the Lebanese borders, since the liberation, we have reopened the Jdeidat Yabous, also known as the al-Masna' border crossing, which remains our most active. Later, in March, we reopened the Jousiyeh crossing in northern Lebanon, and two months ago - just two days before Eid al-Adha - we reopened the al-Arida crossing, which links Tripoli governorate in northern Lebanon with Tartous province in northwestern Syria. In the near future, we plan to begin rehabilitation and maintenance work on the al-Dabbousiyah crossing, located between the two other crossings in northern Lebanon. As for the border with Iraq, the Directorate of Facilities and Maintenance is currently preparing reconstruction and rehabilitation plans for the al-Tanf-al-Waleed border crossing on the Iraqi side. Work at this crossing will begin in the coming weeks. These are the main crossings we are currently focused on. In the future, pending progress in coordination between the Syrian government and the SDF, we hope to reactivate the crossings in northeastern Syria [Rojava]. How many travelers have passed through Syrian border crossings since the beginning of this year? From the beginning of the year until today, we have received over five million travelers through our border crossings - three million arrivals and two million departures - across the eleven operational crossings I mentioned earlier. Additionally, after the liberation period, beginning December 8th and up to the start of 2025, an additional half a million travelers crossed into Syria. You mentioned the al-Qaim crossing with Iraq. What is its current status, and what is the volume of daily passenger and goods traffic? Regarding the Albu Kamal-al-Qaim border crossing, immediately after the liberation, we deployed our staff to the site. Unfortunately, the crossing had been destroyed and looted, requiring extensive maintenance. We completed an initial phase of rehabilitation and equipped it for basic operations. For the first six months, it only served Syrian refugees in Iraq who wished to return voluntarily to Syria, as political discussions with the Iraqi side had not yet reached a point where full reactivation was possible. However, in mid-June, we reached a joint decision with the Iraqi brothers to fully reactivate the crossing. Passenger, freight, and commercial traffic has since resumed. Activity is still shy, but it is increasing steadily. We are now working on expanding and modernizing the crossing by constructing new passenger and customs halls and expanding the facility overall. During the first half of 2025, approximately 35,000 travelers passed through, with 23,000 arriving and 12,000 departing. About 17,000 of those were Syrian refugees in Iraq who returned voluntarily to resettle in Syria. What about daily movement of goods and commercial exchange? Honestly, it remains modest - just dozens of trucks per day. The reason is because many traders had shifted to other crossings since this crossing was not operational and considering the condition of the roads leading to it. However, the situation is improving steadily. Additionally, I would like to highlight that the Iraqi government has provided a significant wheat grant to Syria. For the past two months, around 60 to 70 trucks of wheat enter daily via the Albu Kamal crossing. On top of that, 20 to 30 commercial trucks cross in both directions daily. We expect this number to double by next month, as the crossing continues to develop. Are there any efforts to reopen the Rabia-Yaarubiyah border crossing? At this time, the Rabia-al-Yaarubiyah crossing remains outside our control; it is currently held by the Syrian Democratic Forces (SDF). This also applies to the Qamishli, al-Darbasiyah, and Ain al-Arab crossings. Our most strategic crossing in the northeast is the Semalka crossing with the Kurdistan Region, which is our most important crossing in the meantime, it is also under SDF control. We, as the General Authority for Land and Sea Border Crossings, are awaiting the implementation of the March 10 agreement signed between [Syrian interim] President Ahmed al-Sharaa and SDF chief Mazloum Abdi. Once implemented, it will allow us to assume control and integrate these crossings to thus have the Syrian border crossings be under unified national administration. We have already prepared our staff to administer these crossings and laid out the necessary plans, and we are ready to take over once the implementation of the [March 10] agreement is complete. Have any discussions taken place between your committees and the Democratic Autonomous Administration of North and East Syria (DAANES) committees regarding crossing management? No, not yet. Although the agreement was signed [on March 10], the Syrian Democratic Forces have so far tried to evade implementing it, and they continue to place obstacles in its way. No joint plans have been implemented so far. Of course, more critical issues - such as the army, internal security, and administrative governance - must be agreed upon [between Damascus and the SDF] first. The matter of the border crossings will follow naturally. Until this date, no sessions have been held [between the relevant committees in this regard.] Until those core matters are resolved, we cannot move forward on operational issues like the crossings. You spoke about the importance of the Semalka crossing. Are there communication channels with the Kurdistan Regional Government [KRG]? Indeed, communication exists between our foreign ministry and the Kurdistan Regional Government. However, as a border authority, we do not have direct communication. All coordination with foreign parties is handled through the foreign ministry. Of course, Semalka is a very important crossing through which a lot of goods enter. But we face a serious issue - there are no official borders between us and the SDF-controlled areas. Many traders bring in goods via Semalka and then attempt to move them into Syrian internal markets illegally. We deal with dozens of smuggling attempts daily by trucks that had primarily entered northeast Syria [Rojava] via the Semalka crossing. These attempts are carried out by greedy traders who are trying to avoid customs duties. To counter this, we've deployed customs police detachments across Syrian territory - from Manbij in the northwest to the Albu Kamal crossing in the east. These units are constantly seizing smuggled trucks, including from Semalka. Ultimately, we want all crossings to be unified under national control so we can eliminate smuggling and reduce the burden on our forces. You recently visited Turkey. Are there any updates on the Nusaybin-Qamishli crossing? Is there any coordination with Turkey to reopen it? Indeed, we have discussed all crossings with the Turkish side. Just two weeks ago, we visited the Tal Abyad and Ras al-Ain crossings in the al-Salam Spring area. These two crossings are under Syrian government control but were not previously under our direct administration. We are now working with Turkey to bring them under our full authority. There are still three other crossings with Turkey-Ain al-Arab, al-Darbasiyah, and Qamishli-Nusaybin, which is the most important. The Turkish side is ready to hand over their side of these crossings, but from the Syrian side, these three crossings are still under SDF control. These five crossings, including al-Yaarubiyah-Rabia and Semalka, will ultimately come under our administration once the [March 10] agreement with the SDF is implemented. How many active seaports are currently operating in Syria, and which are the most important for commercial shipping? We currently have two main seaports: Tartous Port and Latakia Port. Both are fully operational and integrated into commercial shipping routes. We have signed international investment agreements for their development. At Latakia Port, we have signed a major investment contract with [French shipping giant] CMA CGM, one of the world's largest container terminal operators. Two weeks ago, we also signed a significant investment agreement for Tartous Port with [the Dubai-based global logistics and trade giant] DP World. A large technical team from DP World arrived just yesterday to begin rehabilitation planning, and the agreement will come into effect accordingly. CMA CGM is also implementing its part of the agreement in the container terminal. We are also in talks with another major international operator, and a new port operation agreement is expected to be signed in the coming weeks. In addition to these, we have about eight smaller local ports, including Arwad Island, Ras al-Basit, Ras ibn Hani and others. These ports are dedicated to fishing, ship maintenance, and recreation, There is also the Baniyas Port, which is currently used only for receiving oil shipments, but we plan to develop it into a commercial port soon. Lastly, I'd like to mention that the Free Zones in Syria fall under the jurisdiction of the General Authority for Land and Sea Border Crossings. We currently manage ten free zones across the country, including in Damascus, Daraa, Homs, Latakia, and even Idlib and al-Yaarubiyah near the Rabia crossing. We've prepared extensive investment plans for these zones, aiming to transform them into internationally competitive hubs. We also plan to establish several dry ports in locations such as Idlib, Aleppo, and Homs. We have many other plans and agreements that will see light in coming months. We pledge to our people to do everything we can to wheel the country's economy forward and contribute to its recovery.
Yahoo
14 hours ago
- Business
- Yahoo
HK company offers stake in port terminals sale to Chinese company
One of the largest operators of global port terminals said it has offered a stake in its pending sale to a Chinese investor. In a filing with the Hong Kong Stock Exchange, CK Hutchison said its planned sale of dozens of port facilities would include a major strategic investor from mainland China. The company ( in March announced plans to sell more than 40 container terminals under its Hutchison Port Holdings unit to a consortium led by BlackRock, the U.S. asset manager, that includes Geneva-based shipping line MSC, for $23 billion. But Beijing said it would block the transaction if it didn't get a cut of the deal. Published reports identified the investor as Chinese maritime conglomerate Cosco, which had been identified by the U.S. as an arm of China's military that had used unfair trade practices to dominate the shipping and shipbuilding industries. The filing stated that the exclusive negotiation period with the consortium regarding the sale of Hutchison Ports Group had expired but that discussions with members of the group continue. The reports said Cosco could receive a stake in 41 port properties except the pair near the Panama Canal that the Trump administration claimed are under Chinese influence. Hutchison had no comment. BlackRock and Costco did not immediately respond to requests by FreightWaves for comment. Find more articles by Stuart Chirls Korea offers billions to help make US shipbuilding 'great again' Houthis make new threats against Israel-linked shipping Trade flows boost China, Europe ports while tariffs pain US gateways CMA CGM container vessel becomes largest under U.S. flag The post HK company offers stake in port terminals sale to Chinese company appeared first on FreightWaves. Sign in to access your portfolio
Yahoo
a day ago
- Business
- Yahoo
CMA CGM says interested by CK Hutchison's port terminals
By Sybille de La Hamaide PARIS (Reuters) -French shipping giant CMA CGM said on Tuesday it is interested in taking over some of CK Hutchison's ports after the Hong Kong conglomerate's exclusive talks ended with a consortium led by BlackRock this week. CK Hutchison agreed in March to sell the majority of its $22.8 billion global ports business to the consortium also including Italian billionaire Gianluigi Aponte's family-run shipping company MSC, but the exclusive talks expired on Sunday. Gaining a stake in CK Hutchison's 43 terminals in 23 countries included in the preliminary deal would offer CMA CGM greater control over the supply chain, especially if it can get hold of one of the ports along the Panama Canal. "It's very important for the industry, and it's important for us as a major player in this sector," CMA CGM Chief Financial Officer Ramon Fernandez told reporters during the presentation of the company's second quarter results. "We are present in 65 terminals around the world so we are following this operation very closely and are naturally interested in participating," he added. CMA CGM already has 65 port terminals around the world. CK Hutchison said on Monday it was in talks with the consortium to add a Chinese "major strategic investor" to the bid and sources told Reuters Chinese shipping giant COSCO was looking to join. CMA CGM, the world's third-largest container shipping line, reported virtually stable sales in the second quarter at $13.2 billion, while net profit fell to $521 million from $661 million a year earlier. The group remained cautious about its outlook for the second half of the year, citing geopolitical and macroeconomic uncertainties. Global container trade grew by over 4% in the first five months of 2025, driven mainly by a rise in China's exports. While China's exports to the U.S. dropped 8%, those to Southeast Asia rose 18%, to the Middle East 15%, and to the EU 11%. The new EU–US deal will require operators to adapt, but it only concerns about 2% of global container trade so the direct impact will be limited compared to the much larger shifts between China and the U.S., Fernandez said.
Business Times
a day ago
- Business
- Business Times
Li Ka-shing ports sale draws interest from CMA CGM owner Saade family
[PARIS] Shipping giant CMA CGM is angling to be part of a mega-deal that would see the sale of dozens of ports owned by billionaire Li Ka-shing's CK Hutchison Holdings. 'We're watching this very closely,' chief financial officer Ramon Fernandez said on Tuesday (Jul 29). 'We're naturally very interested in participating in the solution that hasn't been found.' Speaking during a presentation of second-quarter results, Fernandez said he was referring to a potential direct involvement by CMA CGM, the world's third-largest container line controlled by chief executive officer Rodolphe Saade and his family. The comments indicate talks are still ongoing for the sale of CK Hutchison's 43 ports, which would represent the deal of the lifetime for Li, its 97-year-old founder. Should Saade enter the arena, he would join another European shipping tycoon, Gianluigi Aponte, whose Terminal Investment was part of the original buying consortium with US investment firm BlackRock Their period for exclusive talks with CK Hutchison has now expired. Since being announced in March, the proposed sale has been met with opposition from China, whose market watchdog has said it will review the transaction. President Donald Trump touted the deal as a win for the US because it would return the Panama Canal to American influence due to the inclusion of two ports along the strategically important waterway. CK Hutchison said earlier this week that it may invite a 'major strategic investor' from China to join the buying consortium. Bloomberg News had reported state-owned China Cosco Shipping Corp was negotiating a role for itself. Cosco is among the partners in a capacity-sharing agreement with CMA CGM called Ocean Alliance. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Any move by CMA CGM would be in keeping with Saade's fast-paced acquisitions spree in recent years that has included expansion in shipping operations, ports, logistics and media. He has acquired two major shipping terminals in the US, control of a Brazilian ports operator and reached an agreement with a partner to develop a deep-water terminal in northern Vietnam. The CK Hutchison deal is 'very important for the industry and for us as a major actor in the sector,' Fernandez said. After unprecedented growth during the pandemic era, the closely held Marseille-based carrier reported second-quarter profit of US$521 million compared with US$661 million a year earlier, citing geopolitical conflicts and trade tensions. Shipping volumes were nearly flat. The effects of Trump's tariffs on the US economy remain to be seen, although any changes to its longstanding reliance on imports and domestic consumption 'will evolve only very gradually,' the CFO said. Tariffs will continue a process that began during the first Trump administration that saw the development of production sites outside China in places like southeast Asia, he said. The Saade family is worth about US$36 billion, according to the Bloomberg Billionaires Index, just ahead of Li Ka-shing's US$35 billion. BLOOMBERG
