CMA CGM taps French loan scheme to boost cash in coronavirus crisis

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CMA CGM taps French loan scheme to boost cash in coronavirus crisis
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Shipping group CMA CGM has obtained a 1.05 billion euro ($1.1 billion) loan to be 70% guaranteed by the French government as it seeks to bolster its cash position during the coronavirus pandemic, which has hammered international trade.

), has an initial one-year maturity and an extension option of up to five years, Marseille-based CMA CGM said in a statement on Wednesday.

“This new funding further strengthens CMA CGM’s cash position in order to confront uncertainties in the global economy resulting from the health crisis,” the group said. A spokesman added that the group was experiencing a contraction in container shipping volumes in line with this market trend. CMA CGM had said in early March it expected a limited impact on its operations this year from the coronavirus, as activity resumed in China after an initial outbreak there.

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