World News
CMA CGM Announces EC Approval of NOL acquisition
French shipping giant CMA CGM S.A. (CMA CGM) Friday announced that the European Commission (EC) has given approval for CMA CGM's pending acquisition of Singapore-based Neptune Orient Lines (NOL).
The proposed transaction was presented to EC on March 8, 2016, with the Phase 1 review completed Friday and approved under the condition that NOL's exit the G6 shipping alliance - a point which companies have already agreed to.
"CMA CGM and NOL will continue to cooperate with the remaining authorities to close their reviews as quickly as possible," stated CMA CGM.
A proposed voluntary general cash offer for NOL will be issued once all the pre-conditions to the offer have been either satisfied or waived, explains CMA CGM.
Earlier in April, CMA CGM announced that it has signed a Memorandum of Understanding (MoU) with COSCO Container Lines (COSCO), Evergreen Line (Evergreen) and Orient Overseas Container Line (OOCL) to form a new shipping alliance, known as "Ocean Alliance."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 645.00 | 2.00 | 767.50 | 11.50 |
| Rotterdam | 600.00 | 8.00 | 751.50 | 13.00 |
| Houston | 627.50 | 9.00 | 796.00 | 11.50 |
| Fujairah | 649.50 | 0.00 | 889.00 | 0.50 |
| Global 20 Ports Average | 665.00 | 0.50 | 864.00 | 6.50 |
| Global 4 Ports Average | 630.50 | 5.00 | 801.00 | 9.00 |
| Global Average Bunker Price | 722.50 | 2.50 | 922.50 | 3.00 |
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