The deal is expected to close within three to six months.
The CMA CGM Group has struck a deal with Container Finance Ltd. Oy to acquire Finland-based logistics company Containerships as well as Container Finance’s holdings in Multi-Link Terminals Ltd. and CD Holding Oy.
Finland-based Containerships is a full-service, door-to-door provider of short sea shipping and logistics solutions, providing cargo transport between Finland, Russia, the Baltic States, Continental Europe, the United Kingdom and Ireland, as well as in the Mediterranean region between Turkey and Africa.
With a workforce of 560 people, Containerships provides complete coverage through a fleet of sea vessels and road, railway and river container transportation modes.
Financial terms of the deal were not disclosed, and the transaction remains subject to approval by relevant authorities. However, Containerships said the estimated closing is between three and six months.
Upon closing, Container Finance’s entire container logistics operations will be integrated with CMA CGM’s intra-regional market offering in Europe and the Mediterranean, but the combination will not affect the rights of Containerships bond holders, Containerships said.
In 2017, Containerships posted a net profit of 200,000 euros (U.S. $231,427), an improvement from a 1.4 million euro net loss in 2016, while consolidated net sales in 2017 clocked in at 226.7 million euros, up from 197.9 million euros the prior year.
Containerships said it continues to develop routes and services and that between August 2018 and July 2019, it’s slated to launch four LNG fueled vessels.
According to Containerships’ website, the company currently has a fleet of 15 vessels, ranging in size from 298 TEUs to 1,129 TEUs.
CMA CGM said the acquisition of Containerships will further strengthen the development strategy implemented by CMA CGM Group Chairman and CEO Rodolphe Saadé that’s aimed at densifying the group’s regional network.
CMA CGM is already present on various intra-regional markets through its subsidiaries, including CNC in intra-Asia; Sofrana, a key player in the Pacific Islands regional maritime trade; MacAndrews in Europe; and Mercosul, one of the leading players in Brazil’s domestic container shipping market.
CMA CGM had finalized its Mercosul acquisition from Maersk Line in December 2017.
CMA CGM buying short sea specialist Containerships
