CMA CGM to Continue Pursuing Acquisitions

first_imgzoomImage by WMN French container shipping company CMA CGM plans to continue to look for acquisition opportunities after its plans for merging with German rival Hapag-Lloyd fell through, Reuters reports.Speaking on the sidelines of yesterday’s inauguration of the company’s new flagship, the 20,600 TEU CMA CGM Antoine de Saint Exupery, in the Port of le Havre, the company’s CEO Radolphe Saade, confirmed to Reuters his company was interested in Hapag-Lloyd, but added that the matter was closed now.Potential future targets of the company have not been revealed.Information on CMA CGM’s exploratory approach toward Hapag-Lloyd on a potential merger emerged in July 2018, however, the German company turned down the proposal.Commenting on the consolidation of top-tier carriers like CMA-CGM and Hapag-Lloyd, Drewry said earlier that such a business combination was unlikely as it would probably be challenged by regulatory authorities amid fears of breaking fair competition rules.One of the most recent acquisitions saw CMA CGM buy Brazil’s container shipping line Mercosul Line from Maersk Line.CMA CGM and Maersk Line announced the deal in June as part of Maersk Line’s move to acquire Hamburg Süd, which Maersk finalized at the end of November.The move was preceded by CMA CGM’s acquisition of Neptune Orient Lines (NOL), which operates through the APL brand, a year earlier.When asked about the rising tensions between the U.S. and China and the impact on the company’s business from the spat, Saade said that the trade flow between the two countries remains strong, especially on the Transpacific route. Nevertheless, should tensions further escalate with the introduction of new tariffs, transported volumes are likely to be impacted.World Maritime News Stafflast_img read more

Chief calls for prayers says Pikangikum devastated after house fire kills nine

first_img(Photo of the remains of a house that burned down Tuesday night in Pikangikum. Facebook/Kyle Peters)Jorge Barrera APTN National NewsA remote Ojibway fly-in First Nation in northern Ontario is “at a standstill” after a house fire killed nine people, including three children, all from the same family on Tuesday night, says the community’s chief.Pikangikum First Nation Chief Dean Owen said the community is in need of the nation’s “prayers” because the sudden loss of the family has left people in a state of shock.“The thing is right now is that we are in a very devastated mode in the community and we are in real need of prayers,” said Owen, in a telephone interview Wednesday afternoon. “The community right now is in a state of shock and everything is just kind of at a standstill at the moment.”Owen said the OPP’s forensic identification unit was still sifting through the remains of the three-bedroom house on Dunsford Rd. to officially confirm the identities of all the dead.Owen said the OPP officers on the scene earlier in the day were able to visually confirm five of the victims, four adults and a child, but it will take more work to confirm the rest of the family members, he said.Owen said “the community knows” the identity of all nine victims in the fire.The chief said the names will be withheld by the OPP until the official identification.According to three community members, including a band official who wanted to remain anonymous, all the victims were in the same family.A couple with three children, all under five years-old, were among the victims. The parents of the mother were also in the house at the time of the fire, said community members, along with another son and his girlfriend.Owen said neighbours attempted a rescue in vain Wednesday night, shortly after the fire broke, but the flames moved too quickly, engulfing the house.Owen said he received a distress call from a local bylaw enforcement officer shortly after the house caught fire.“There were attempts to get into the house by them and by some neighbours,” he said. “It happened so fast…When I got to the area, the house was fully engulfed in flames already.”The OPP said in a statement that the call for the fire came in at about 11:44 p.m.A band official said efforts were underway to fly in the victims’ family members who are in places like Thunder Bay and Edmonton.During a stop in Edmonton, Prime Minister Justin Trudeau offered his condolences to Pikangikum. Liberal MP Robert Nault, whose riding includes Pikangikum, also offered his condolences.“I hope that the families, friends and community find comfort as we all come together to support each other during this difficult time,” said Nault, in the statement. “My thoughts are prayers are with everyone affected by this event.”Pikangikum is a fly-in community which sits about 500 kilometres northwest of Thunder [email protected]@JorgeBarreralast_img read more