CMA CGM’s takeover of Finnish short sea cargo carrier and logistics firm Containerships has been approved by the EU Commission, according to a statement released to the Nasdaq Helsinki Stock Exchange.
The deal, which was agreed on June 20 2018, has been approved unconditionally and is expected to be completed by October 31 2018.
It will see Containerships’ entire logistics operations, including its multi-link terminals, integrated into CMA CGM’s intra-regional business in Europe and Mediterranean.
Containerships is undergoing a significant environmentally strategy, in preparation for the International Maritime Organisations’ 2020 rules on sulphur emissions.
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By January 2019 it is expected to add four liquefied natural gas-fuelled (LNG) vessels to its fleet.
The announcement comes just one week after CMA CGM signed a sustainability partnership with Panalpina, the world’s fourth largest ocean freight forwarder, as it steps up its efforts to cut emissions.
In the same week CMA CGM also increased its share in Swiss supply chain CEVA Logistics to 33% as it seeks to diversify its business operations.