CMA CGM plans entry into shipping market in China

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

30 Jan 2008

CMA CGM, a French shipping company, prepares to invest in a container terminal at phase three of North Basin of Tianjin Port in China. The group plans to set up three container berths at phase three through a joint venture formed with Tianjin Port and a third party.Modern port facilities make China a preferred location for international transit. The investment will establish a network connecting the east, south and north of China. Besides, the group awaits an approval on joint construction works of phase three of Yangshan Port in Shanghai city at present.Meanwhile, CMA CGM is pursuing its investment policy with the acquisition of a 12% stake in a future container terminal at the port of Busan, in South Korea.The new Busan 2-3 terminal is expected to become operational in 2011. It will be operated in partnership with Macquarie, Bouygues, Hyundai, KMTC, Busan Port Authority and local operators KUKJE and KCTC.The new facility will have a 1,400 metre long quay, twelve container cranes, a 17 metre draft offering accessibility to 12, 000 TEU capacity container vessels, and an annual capacity of 2.7 million TEU.Busan 2-3 is CMA CGM's first port investment in South Korea, and the second one in Asia following a co-operation agreement signed in Xiamen in November 2007.To date, CMA CGM Group has invested in 23 container terminals worldwide as part of its continued strategy to secure berthing space for its ships and ensure the speed and efficiency of its shipping operations.