CMA CGM looks to sell APL terminals

The French shipping company, which acquired Neptune Orient Lines and its APL subsidiary earlier this year, is seeking a buyer for the APL container terminals.    French shipping company CMA CGM is seeking a buyer for the APL container terminals, according to a report in the Singapore Business Times by Bloomberg, citing “people with knowledge of the matter.”
   CMA CGM acquired Neptune Orient Lines and its APL subsidiary earlier this year.
   According to an APL fact sheet, the company owns terminals in Los Angeles; Dutch Harbor, Ala.; Kobe and Yokohama in Japan; and Kaohsiung, Taiwan. In addition, the company is involved in joint ventures in Qingdao, China; Laem Chabang, Thailand; Ho Chi Minh City, Vietnam; and Rotterdam, Netherlands.
   If APL is selling the Global Gateway South terminal in Los Angeles, it would be putting the facility up for sale at the same time Hanjin Shipping is seeking to sell its 54 percent stake in the Total Terminals International (TTI) operation in Long Beach to co-owner Mediterranean Shipping Company (MSC), which owns the other 46 percent. An MSC spokesman confirmed this week that it is negotiating to purchase Hanjin’s stake in TTI.
   A CMA CGM spokesman said, “We did not comment neither to Bloomberg nor to the Business Times.” However, the CMA CGM spokesperson pointed to a press release the company published last year when it announced the NOL deal in which it said, “CMA CGM intends to deleverage its balance sheet through synergies and assets sales for an amount of at least $1 billion, with the aim to reduce debt gearing ratio to below 0.8 times.”
   Bloomberg said it was told by a third party that CMA CGM “asked for first-round bids by next month.”