CMA CGM finalizes outside investment

CMA CGM finalizes outside investment    The CMA CGM Group said Monday it planned to agree to a deal with external investors by the end of July.
   The French container line said earlier this year in a conference call with American Shipper and other journalists that it was planning an infusion of capital from outside investors. Rumors late last week pointed to the involvement of California-based equity fund Colony Capital or a Qatari investment fund, according to a report from Agence France-Presse.
   In a statement Monday, CMA CGM said it 'has a few additional weeks to complete its capital increase with external investors. The discussions, which are well advanced, require the preparation of particularly complex documents.'
   The line pointed out that its revenue from operations has 'sharply improved' since the start of 2010, with first quarter volumes up 21 percent and operating profits at $380 million (a $640 million year-on-year increase from the same period in 2009). Executives are projecting profit as high as $2 billion for this year, adding, 'second quarter results will exceed first quarter figures.'
   While operations are much improved, the French line still carries debt of more than $5 billion, primarily due to the financing of new vessels it has ordered.