CMA CGM out of his silence. Third world operator in the transport of containers by regular lines, the Marseille owner is, like its competitors, confronted to the very violent crisis a year maritime transport in the world. To the point that the group, which employs 17,000 people worldwide including 4,000 in France (2,500 in Marseille), had to announce, on 29 September, the establishment of a Committee of cockpit with its 63 banks to restructure its debt. Public authorities are, for their part, regularly informed of the progress work, then will be eventually called, in a second time, to participate in this restructuring (see below).
Where is this negotiation between the creditors and a company that is not bound to publish as much information as a side group because being fully controlled by the family of founder Jacques Saadé Son of Jacques Saadé and CEO of CMA CGM, Rodolphe Saadé evokes, in an interview with the "voices", for the first time officially this record;
Heavy debt
In the first half of 2009, the dramatic fall in volumes transported containers and freight rates, i.e. prices paid by customers, was a decline in sales of CMA CGM "of 30 approximately of the first six months of 2008, to $ 4.8 billion" (the dollar is the currency of account in maritime transport), and the group heavily fell into the red, with "a loss of $ 515 million. "We have best withstood than our competitors", to console however, including referring to the success of the savings of $ 600 million plan launched. And if, according to the leader, the current cash "is positive," CMA CGM is not less debt "in the amount of $ 5.6 billion", mainly of very large container ships orders prior to the onset of the crisis, and 49 are deliverable by 2012. Also, for the bar, "our first goal is to obtain postponement of the delivery of these vessels," which the group no longer has a horizon also close, with the establishment of a new schedule accordingly to pay for the boats.
How to do "The Steering Committee, explains Rodolphe Saadé, should quickly determine the terms of an action plan for the future of the group in the long term."From the hypothesis that deliveries of ships will be much delayed, this plan is based also on "a return to positive results from 2010," through such further relief of transported volumes and noticeable rates since July. Thus, Rodophe Saadé note that billing (all included) the transport of a container of 40 feet between Hong Kong and the North of Europe is to 2.800 dollars, against $ 700 at the height of the crisis. Result: the line between Asia and Northern Europe "returned to the balance so that we lose another 30 million dollars in July".In total, he now hopes to limit to 8 in 2009 from 2008, the fall in volumes transported worldwide by CMA CGM.
Once finalised the negotiations on the business plan and new funding plan which will accompany it, then it will be time to engage the arm of railway with the Korean shipyards for the actual report of vessels. "We come with our bankers, which should make the discussion easier", prevents Rodophe Saadé, who does few illusions as to the bitterness of the upcoming negotiation...
Beyond these reports, CMA CGM reflects also on disposals of assets policy, such minority in certain port terminal holdings or real estate. On the other hand and in a few months of its opening, "we do not wish to give the future headquarters of CMA CGM Tower in Marseille", said Rodolphe Saadé.
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