CMA-CGM WILL BUY DELMAS’ MED/CARIBBEAN SERVICES

   CMA-CGM has reached a preliminary agreement with fellow French shipping
line Delmas to acquire its liner service activities to and from the Caribbean and South
America.

   The price of the sale was not disclosed.

   Two Delmas services will be taken over by CMA-CGM: A Mediterranean service
to and from the French West Indies, Venezuela and Colombia, operated jointly with Marfret;
and a separate Mediterranean service to and from French Guyana and Brazil.

   The two services will complement CMA-CGM’s existing operations between
northern Europe, the Mediterranean, the Caribbean and South America.

   For Delmas, the sale represents a further concentration of its liner
shipping activities primarily on the African trades. The Delmas group recently pulled out
of the North America/Australia trade by selling Australia-New Zealand Direct Line to CP
Ships.