Jannah Theme License is not validated, Go to the theme options page to validate the license, You need a single license for each domain name.

Air France-KLM agrees to trade freight with French shipping company CMA CGM

Article content

Paris-France shipping company CMA CGM has invested in Air France-KLM as part of an air cargo partnership, betting on rising demand for flying goods around the world as the supply chain continues to stagnate as a result of the pandemic. increase.

CMA CGM will account for up to 9% of Air France-KLM during the initial 10-year partnership, which the two companies said is part of the potential airline group capital increase. I am.

According to Refinitiv data, CMA CGM will be the fourth largest shareholder, reflecting a similar initiative planned by the shipping company MSC, which has partnered with Lufthansa of Germany in a potential bid for the Italian airline ITA.

Advertising 2

Article content

Air France-KLM shares rose about 3% early in the transaction to become the top performer in the SBF-120 stock index in Paris.

Based in Marseille, one of the world’s largest container transportation lines, CMA CGM established the air cargo division last year as part of driving the development of non-marine logistics.

With the surge in sea shipping associated with high freight rates since the COVID-19 pandemic, CMA CGM and other shippers have invested in other modes of transportation to add resilience to their global supply chain and out of recession. I was able to protect it.

CMA CGM, privately managed by the Saade family, last month acquired Gefco, a car carrier co-owned by Russian Railways (RZD) and car maker Stellantis.

Air France-KLM and CMACGM said the partnership could be expected to have a “significant earnings synergy” and a “strong ambition to invest and grow sustainably” in the air cargo market.

Advertising 3

Article content

The partnership with Air France-KLM covers a coalition fleet of 10 full freighters, including four at CMA CGM Air Cargo and six at Air France-KLM. Together, they also have 12 aircraft on order.

It also covers the capacity of Air France-KLM Berry aircraft, covering cargo carried by the airline group’s more than 160 long-haul airliners.

Air France-KLM competes in the freight market with European airlines such as Lufthansa and cargo specialist Cargolux, as well as major Gulf and Asian airlines.

According to International Air Transport Association statistics, Air France, KLM, and a separate network of Group subsidiaries Martinair rank the group approximately 8th by traffic on the cargo airline’s Global League table.

Air France-KLM’s major shareholders, including the French and Dutch governments, supported CMACGM’s acquisition of board seats at the company’s next board meeting on May 24, partners said.

Alliances require antitrust approval. (Report by Tim Hepher, edited by Josephine Mason and Edmund Blair)


Comment Comment

Postmedia promises to maintain a forum for lively yet civil discussions and encourages all readers to share their views on our articles. Moderation can take up to an hour for comments to appear on your site. Comments are relevant and should be stored with respect. You have enabled email notifications. You will now receive an email when you receive a reply to a comment, when the comment thread you are following is updated, or when a user follows a comment. For more information and details on how to adjust your email settings, see Community Guidelines.

Air France-KLM agrees to trade freight with French shipping company CMA CGM

Source link Air France-KLM agrees to trade freight with French shipping company CMA CGM

Related Articles

Back to top button