France’s CMA CGM, the world’s fourth largest containerline, has secured a state loan guarantee linked to the coronavirus crisis, with the government backing a €1.05bn ($1.14bn) loan from BNP Paribas, HSBC France and Société Générale.
The carrier has opted to take part in the French government’s emergency €300bn loan guarantee scheme and becomes the latest liner to get state aid during the crisis with the likes of HMM and Yang Ming securing hundreds of millions of dollars in aid in recent weeks.
Rodolphe Saadé issued a video on the CMA CGM website last month outlining his vision of a more equitable and resilient supply chain in the future, post-coronavirus.
The chairman of the Marseille-based containerline said in the video: “This crisis will no doubt change our consumer and working habits. It will impact world economic flows and will necessitate that we all rethink our supply chain models.”
Supply chains will need to be redesigned to be more resilient, Saadé said, adding that they would also need to be able to react better to sharp reductions in supply and demand.
As part of its strategy during the coronavirus crisis CMA CGM has started sending ships via the Cape of Good Hope in both directions from and to Asia and Europe, giving the Suez Canal a miss, to soak up capacity during the downturn.