French container shipping company CMA CGM Group has placed an order for 10 containerships with 15,000 TEU capacity. The $1.2bn deal with China State Shipbuilding Corporation will see the vessels built by Hudong-Zhonghua Shipbuilding Group and Jiangnan Shipyard Group. In a statement on Monday, China’s Ministry of Transport said that it was “very pleased to announce this new agreement between Chinese companies in the field of maritime transport”.
French container shipping company CMA CGM Group has placed an order for 10 containerships with 15,000 TEU capacity. The $1.2bn deal with China State Shipbuilding Corporation will see the vessels built by Hudong-Zhonghua Shipbuilding Group and Jiangnan Shipyard Group. Despite the order's size, analysts played down any indications of a turnaround in the containership business, which is struggling to cope with an uptick in market supply, low charter rates, a slowing global economy and the US-China trade war.