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CMA CGM has divested its stakes in Russian terminals, realizing a full exit from the market via an asset swap with the largest port operator, Global Ports, in Russia
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The French shipping group swapped its 25% stakes in Russian terminal for a bigger holding in GPI’s two Finnish terminals where CMA CGM holds 25% each
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The Marseille-based shipping firm is the second major liner operator to exit Russia following Vladimir Putin’s invasion of Ukraine on February 24, 2022
French shipping group CMA CGM has divested its stakes in Russian terminals, completing its withdrawal from the market through an asset swap, according to a Reuters report quoting the company.
CMA CGM is the second major transport and logistics company to quit Russia after President Vladimir Putin launched an invasion of neighboring Ukraine nearly 11 months ago.
“With this finalized transaction and the decision to suspend all new bookings to and from Russia since March 1st, 2022, the CMA CGM Group will no longer be involved in any entities operating in Russia,” the newswire quoted an emailed statement from the company.
The deal was concluded on Dec. 28, the report said. The company did not announce its Russian exit on its website.
CMA CGM said it had 25% stakes in four terminals in Russia and Finland inherited from the 2018 acquisition of Containerships, a Finnish company. In 2021, the French firm decided to swap the Russian stakes for a larger holding in Finland, according to Reuters.
The stakes were held through joint ventures with Global Ports Investments PLC, a British port operator with terminals in Russia.
A Global Ports statement on its website said the cash-free swap deal would give it full control of the Moby Dik Terminal and Yanino Logistics Park in the St Petersburg area. In return, G{I it will reduce from 75% to 50% its holdings in terminals in Helsinki and Kotka.
Marseille-based CMA CGM, privately controlled by the Saade family, halted vessel services to and from Russia following the invasion of Ukraine.
On August 30, 2022, Maersk announced its exit from Russia by divesting its 30.75% holdings in GPI, the largest port operator in that country, to long-time partner Delo Group, Russia’s leading container port company.
The divestment came nearly six months after Maersk said it was committed to end activities in Russia after its invasion of Ukraine on February 24, 2022.
