Shipping group #CMA_CGM targets $1 billion savings in tough market | Reuters
▻http://uk.reuters.com/article/uk-cmacgm-results-idUKKCN0YB216
France’s CMA CGM, the world’s third-largest container shipping firm, reported a first-quarter net loss on Friday and targeted $1 billion (0.68 billion pounds) in cost cuts to keep operating margins positive during the current market downturn.
Weak freight rates in the past year have left many lines operating at a loss.
The Marseille-based company is in the process of acquiring Singapore’s Neptune Orient Lines (NOL) for $2.4 billion in its biggest-ever deal, and last month announced a global vessel-sharing alliance with three Asian lines.