Subscribe to RSS feedCMA CGM admits it misjudged recession
by
Michelle Wiese Bockmann, London
—
last modified
Mar 15, 2010 09:29 AM
TROUBLED containership owner CMA CGM has acknowledged it completely underestimated the duration and depth of the container shipping crisis, which has left the French line battling for survival.
Now undergoing a painful restructuring of its US$5.6bn debt, CMA CGM told its banks in late 2008 that undercutting practices by rivals would not last beyond the first part of 2009.
“We were wrong,” chief financial officer Jean-Yves Schapiro admitted...
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