Latest news with #CMA_CGM
Bloomberg
a day ago
- Business
- Bloomberg
Eutelsat Raises €1.35 Billion Led by France to Aid OneWeb
Eutelsat Communications SA said it has commitments for €1.35 billion ($1.5 billion) from the French government and other investors in a deal that will help the European Starlink rival build out its fleet of satellites. The French government will invest €717 million in Eutelsat, the Finance Ministry said in a statement on Thursday. The investment takes France's stake to almost 30%. Existing investors including Fonds Stratégique de Participations, French shipping company CMA CGM and Bharti Space will also participate in the round, which will be completed by year end, Eutelsat said in a separate statement.
Arab News
11-06-2025
- Business
- Arab News
Saudi Arabia adds MEDEX service to Jeddah Port, linking 12 global hubs
RIYADH: Saudi Arabia has expanded its maritime connectivity with the addition of the MEDEX shipping service at Jeddah Islamic Port, linking the Kingdom to 12 regional and international ports. Operated by global logistics firm CMA CGM, the new service connects Jeddah to Abu Dhabi and Jebel Ali in the UAE, Karachi in Pakistan, and Colombo in Sri Lanka, according to a release by the Saudi Ports Authority, or Mawani. The move is part of Mawani's broader efforts to improve operational efficiency at Jeddah Islamic Port and raise Saudi Arabia's standing in global port performance rankings. It also supports the Kingdom's National Logistics Strategy, which aims to increase the sector's contribution to gross domestic product from 6 percent to 10 percent by 2030, positioning Saudi Arabia as a strategic logistics hub connecting three continents. In the official announcement, Mawani stated: 'This service enhances the port's competitive advantage, facilitates global trade, opens new business horizons, and supports national exports.' The MEDEX service is the 19th shipping line added to Jeddah Islamic Port since the beginning of 2025, reinforcing Saudi Arabia's commitment to improving regional and international connectivity. With a capacity of up to 10,000 twenty-foot equivalent units, the new service also links Jeddah to Mundra and Nhava Sheva in India, Piraeus in Greece, Malta, Genoa in Italy, Fos in France, and Barcelona and Valencia in Spain. Headquartered in Marseille, CMA CGM Group operates in 177 countries and is the world's third-largest shipping company. It serves more than 420 ports across five continents with a fleet of over 650 vessels. The new service aims to boost domestic import and export activity, supporting Saudi Arabia's broader objective of establishing itself as a global trade hub. Jeddah Islamic Port currently features 62 multi-purpose berths, a bonded and re-export logistics area, several specialized terminals, and advanced cargo-handling equipment. It also houses two general cargo terminals, two ship repair docks, and a dedicated marine services zone. The port's total handling capacity reaches 130 million tons annually. Saudi Arabia climbed to 15th place globally in container throughput rankings in 2024, underlining its growing role as a maritime logistics powerhouse, according to Lloyd's List, a UK-based shipping industry journal. The report highlighted that Jeddah Islamic Port advanced to 32nd place globally, up from 41st in 2023, after handling 5.58 million containers last year — a 12.6 percent increase over the previous year.
LBCI
05-06-2025
- Business
- LBCI
New scanners, tougher controls: Lebanon fights smuggling to win IMF backing
Report by Lara El Hachem, English adaptation by Karine Keuchkerian Because global companies avoid ports with high risks, tightening control over smuggling at Lebanon's official border crossings has become essential. In this context, the Beirut Port Authority, under the direct guidance of the Lebanese government, is moving forward with a previously signed contract with CMA CGM to operate the container terminal at the Port of Beirut. The company will also be responsible for installing and maintaining scanners, training staff, and upgrading the system. The scanners to be installed are modern and advanced, with the capacity to inspect 100 containers per minute. However, the inspection process and data entry will remain under the sole authority of Lebanese Customs, as it is a security responsibility. Oversight of the inspection process will also be implemented through an integrated and transparent system. The scanners are expected to be operational within four to six weeks, and the same model will be deployed at the Port of Tripoli, as well as at the Masnaa and Aboudieh crossings. This comes alongside continued security tightening at illegal border points. Curbing customs evasion is one of the key reforms demanded by the International Monetary Fund (IMF), which emphasized in its closing meeting with Prime Minister Nawaf Salam the need to combat money laundering and reform the banking system. These efforts aim to reduce reliance on a cash-based economy and encourage deposits to return to the banking sector. Salam outlined the challenges posed by public debt, the banking crisis, the refugee situation, and the need for reconstruction, all of which are exacerbated by limited international support. Regarding Lebanon's commitment to reforming its laws—particularly the bank restructuring law—the IMF emphasized the importance of aligning with global standards during the law's approval process. However, the IMF would have preferred a faster pace, especially to determine the fate of depositors' funds. The IMF delegation will leave Beirut with plans to return in early September. The Lebanese delegation, meanwhile, is preparing for the IMF's annual meetings in October with senior officials to review the steps Lebanon has taken. As part of continued cooperation with the IMF, a Lebanese ministerial delegation will travel to Cairo to sign memorandums of understanding with Egypt to benefit from its expertise in technology and development.
Bloomberg
30-05-2025
- Business
- Bloomberg
Eutelsat in Talks to Double France's Stake in €1.5 Billion Raise
Eutelsat Communications SA, the European satellite operator working to rival Elon Musk's Starlink, is in talks with investors to raise €1.5 billion in a deal that would more than double the French government's stake to 30%, people familiar with the matter said. Eutelsat has been in talks with the French government, investor Fonds Strategique de Participations, shipping company CMA CGM and the UK government about participating in the fundraising, the people said, asking not to be identified because the deliberations are private. The funds would help build out Eutelsat's low-Earth orbit satellite network, they said.
Zawya
29-05-2025
- Business
- Zawya
Nigeria: Agents demand fee removal of container deposits by Maersk, MSC, others
Clearing agents operating at the nation's ports have called on other foreign shipping companies to stop the collection of Container Deposits Fee from importers during cargo clearance processes. Recall that French shipping liner, CMA CGM recently announced that it has stopped the collection of Container Deposits Fee from importers with effect from 21st of May, 2025. Reacting to the decision by CMA CGM to cancel Container Deposit Fee collection, a former acting National President of the Association of Nigerian Licensed Customs Agents (ANLCA), Dr. Kayode Farinto, in an exclusive chat with the Nigerian Tribune, explained that it is already part of the recommendations submitted to the Nigerian Shippers Council (NSC) during a stakeholders engagement, and that it is already embedded in the Nigerian Port Economic Regulatory Agency Bill. According to Farinto, 'CMA CGM only tried to beat what was coming. The law that will stop all shipping companies from collecting Container Deposits Fee is already in the Nigerian Port Economic Regulatory Agency Bill which is already on the table of Mr. President for accent. 'So, CMA CGM got wind of this and quickly played along by stopping the collection of the fee from importers. I am surprised that Maersk Line and Mediterranean Shipping Company (MSC) are still slamming such charges on importers. 'When Mr. President finally accents to the Bill, all the shipping companies will have no choice but to stop the collection of such charges because there will be a penalty for such. By then, it would have become mandatory for all of them to stop the collection of such charges.' In a formal communication to the Council, CMA CGM attributed the decision to valuable customer feedback received over the years. 'Over the years, we have heard your feedback regarding the Container Deposit process, and we are pleased to announce that effective May 21, 2025, we have removed the container deposit requirement for all new bookings. 'In place of the deposit, we have enhanced our documentation and verification process to ensure secure and efficient service. A checklist will be shared via our usual communication channels for your guidance. 'This change is designed to streamline operations, reduce financial strain, and simplify logistics for you. This adjustment further aligns with our commitment to ensuring a more seamless experience for your business,' a CMA CGM statement read
