DESPITE slipping from third to
fourth place in Alphaliner's ocean carrier rankings and carrying a debt load of
US$18 billion against an annual revenue of $30 billion, all's well at CMA CGM, chief executive
Rodolphe Saade told London's Lloyd's List.
Partly because it acquired once
Dutch, and now Swiss logistics major CEVA, the French shipping giant finds
itself if not behind the eight ball then at least behind Cosco, MSC and
Maersk in carrier standings.
Mr Saade, took over as chairman and CEO
in 2017 from his famous
father, the late Jacques
Saade, and pursued a similar bold
strategy.
Mr Saade is unfazed by the huge
debt numbers, pointing out that it has been inflated by new global accounting
rules, and that it will shrink on the sale port assets.
"The number is big, but I am
not concerned," he said, noting that the group has plenty of assets such
as ships, with a book value of $12.8 billion at the end of 2019, plus
containers, equipment and properties, to offset liabilities.
"We are taking all the
necessary actions to ensure we have enough cash available," he said.
CEVA Logistics has proved far
more of a challenge, with several top management reshuffles and restructurings
as Mr Saade tries to make a success of the investment in the face of considerable
industry scepticism.
"I do not regret at all
having bought CEVA," he said.
He is convinced, though, that it
was right to buy CEVA. By the end of the year, we will see significant signs of
recovery
"I really believe in
developing a logistics division so that we are in a position to offer our
customers end-to-end solutions," he said.
"I am very confident that by
the end of the year, we will see significant signs of recovery, so I do not
regret at all having bought CEVA."
He is convinced he was right to
buy CEVA. "I really believe in developing a logistics division so that we
are in a position to offer our customers end-to-end solutions," he said.
He also remains committed costly
environmental protection, and is a big backer of liquefied natural gas (LNG). The first in the series of
nine, the 23,000-TEU CMA CGM Jacques Saade, is about to enter service and will be formally
inaugurated at a ceremony in Marseilles in June.
CMA
CGM also has ordered another 10 ships of 15,000-TEU for delivery from 2021 that
will be powered by LNG.
"We firmly believe that LNG
is the best fuel for today. Maybe tomorrow, the industry will come up with
something better for the environment, but today, LNG is the right choice,"
he said.
Yet CMA CGM has fitted scrubbers
on about 60 ships, while the rest will burn low-sulphur fuel, so he is still
hedging his bets in the great fuel debate.
He is forecasting a recovery in
freight rates in the second quarter of the year as shippers scramble to
replenish inventories and protect supply chains. CMA CGM expects all its ships
that have been idle during the past few weeks to be back in operation by early
April.
The wild card is the coronavirus
scare. "We are not used to a virus that spreads so quickly all over the
world, but we believe the fact that China is rebounding is a positive
sign."
Source : HKSG.
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