CMA CGM to Buy Finland’s Containerships to Bolster Regional Network

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French-based CMA CGM, one of the world’s largest container shipping firms, has agreed to acquire Finland’s Containerships from Container Finance Ltd Oy.

* Terms of the deal, which is expected to close in three to six months, were not disclosed.

* Containerships, which recorded sales of 227 million euros ($263 million) last year, ships cargo between Finland, Russia, the Baltic States, continental Europe, the UK and Ireland as well as in the Mediterranean region between Turkey and North Africa, it said in a regulatory filing.

* The acquisition will add to CMA CGM’s regional network in northern Europe and the Mediterranean, it said in a separate statement.

* As part of efforts to meet tougher rules on vessel emissions, Containerships will take delivery of four vessels powered by liquified natural gas (LNG) between August 2018 and January 2019, while CMA CGM has ordered nine LNG-fuelled vessels due to be delivered from 2020. ($1 = 0.8634 euros)

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Source: Reuters (Reporting by Gus Trompiz; Editing by Sudip Kar-Gupta)

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