CMA CGM plans to sell off assets because of losses expected this year, chairman Jacques Saadé has announced.
But the French container giant expects profits to return in the first quarter of 2010
I don't have a subscription, so I don't know what else they are reporting.
I do find it a little amusing, because, Seeking Alpha did an article on GSL (which was started by CMA CGM as a lease back entity for their ships). Someone posted a comment and linked to my blog, in response to people saying CMA CGM doesn't need to sell assets.....
Well, I hate to say I told you so... We will have to wait and see what they sell, and to whom. If they sell ships to GSL, I doubt GSL would get the better end of the bargain.
Apparently GSL has been trying to entice investors just this last week.
I'd rather spend my money in Vegas.