CMA CGM sees Opportunity in Hanjin collapse

opportunities in container shipping triggered by the collapse of South Korea's Hanjin Shipping, the French group's vice chairman said on Tuesday.

News ID: 69007

Date: 21 September 2016 - 09:26

Accordi Ng to MANA,"With the collapse of Hanjin, there will be a wave of consolidation in the sector and CMA CGM is on the look out for opportunities if they should arise," Rodolphe Saade told journalists.
"We think that small or medium sized operators are going to go bust or be forced to join large operators like us," he said.
Family owned CMA CGM has reinforced its position as the third largest container line through its acquisition this year of Singapore-based Neptune Orient Lines (NPTOF), which has given it market leadership on trans-Pacific routes.
CMA CGM and Cosco are planning with other partners to launch a new vessel-sharing alliance next year to cope with oversupply of ships and faltering economic growth.