French group CMA CGM has announced that an agreement has been reached with its financial partners leading to the allowance of a US$500m (€347m) credit line, payable to the group in January 2010.
The credit line will allow the group to pursue current talks with regards to debt restructuring and a capital increase planned for the 2nd half of 2010 with the arrival of new investors.
The financial agreements are also expected to facilitate ongoing discussions with Korean shipyards concerning the cancellation or postponement of ships on order.
CMA CGM has called an extraordinary shareholders meeting for the 23 December in order to approve changes to the company's legal structure with the creation of a board of directors led by Jacques Saadé.
'With this agreement, our financial partners are sending a strong message and affirming their confidence in the group,' said Mr Saadé, chairman of the executive board of CMA CGM. 'Our strategy to return to profitable growth is therefore proven to be valid. With the arrival of Philippe Soulié as CEO and experienced and independent board members, the group now has the resources as well as a strong team in place to build on this new dynamic.'
Meanwhile, the group has announced that it is to begin an emergency revenue programme on Transpacific routes from mid-January, ahead of the general rate increase scheduled for 1 May 2010.
In the frame of the Transpacific Stabilisation Agreement, freight rates in the Asia, US East and West Coast trades will be increased to a more sustainable level between 15 January 2010 and 30 April 2010.
The increases will be:
- US$320 per 20ft container, all types
- US$400 per 40ft container, all types
- US$450 per 40ft HC, all types
- US$505 per 45ft HC, all types
