Debt-Troubled CMA CGM Steams Toward Recovery, Reports The Journal of Commerce

NEWARK, N.J., May 17 /PRNewswire/ -- The last of the shipping lines to show financial recovery, CMA CGM says its turnaround from the brink of possible bankruptcy protection is under way. Substantial debt and a $1.4 billion loss in 2009 dimmed industry expectations, but the world's No. 3 ocean carrier expects to report substantial profits in 2010, and the pressure for an urgent rescue from new investors has eased.

(Photo: http://photos.prnewswire.com/prnh/20100517/NY06194)

(Photo: http://www.newscom.com/cgi-bin/prnh/20100517/NY06194)

In an interview with The Journal of Commerce, officials at CMA CGM say they expect to earn $1.8 billion from operations this year, and they now are considering a public stock offering amid a rally in demand and rates. In fact, despite the overall drop in volume at U.S. ports last year, CMA CGM actually gained market share in U.S. import and export trade.

The carrier's precarious financial situation, says CEO Philippe Soulie, "has completely changed."

This week's Cover Story examines the outlook for CMA CGM, its efforts to ease debt burden and the behind-the-scenes work it is doing to solidify and expand its business in an ever-changing global market.

To view daily news visit www.joc.com. For all media enquires, including article reprints, please contact Editorial Director Paul Page.

Since 1827, The Journal of Commerce has been the most trusted source of intelligence for international logistics executives to help them plan global supply chains and better manage day-to-day transportation of goods and commodities in the United States and internationally.

To become a member of The Journal of Commerce click here. JOC members have access to our weekly print and digital magazine and Web site, as well as a 10% discount on all JOC Events and trade shows, UBM Global Trade Directories and select PIERS products. Authoritative editorial content in the form of daily news, weekly analysis and regular features ensure our members have the information and data necessary to understand the issues facing trucking, rail and maritime transportation. Members enjoy access to "By the Numbers," an exclusive weekly compilation of key industry statistics that provides detailed views of current market trends across all modes. Regular market intelligence reports -- utilizing PIERS trade data -- include Top 100 Imports and Exporters, quarterly Top 40 Container lines, Transpacific and Transatlantic Maritime Forecasts and Top Container Ports and Terminals. Market-sector supplements, including Breakbulk, Cool Cargoes, 3PL, JOC Guide to Trucking and others, ensure all modes are comprehensively covered.  

About UBM Global Trade - UBM Global Trade, formerly Commonwealth Business Media, Inc., has been the leading provider of proprietary data, news, business intelligence and analytical content supporting commercial maritime, rail, trucking, warehousing and logistics industries worldwide since 1827. The company's portfolio of more than 100 online, print and interactive workflow business solutions includes The Journal of Commerce, The Journal of Commerce Events, PIERS Global Intelligence Solutions and an array of international trade and transportation databases and directories. UBM Global Trade, a subsidiary of United Business Media Limited, is headquartered in East Windsor, NJ, with offices throughout the United States and in Canada and Hong Kong. For more information, explore www.ubmglobaltrade.com or call 800-221-5488 (+1-609-371-7700 outside the U.S. and Canada).

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SOURCE The Journal of Commerce

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