They need to be saving every penny they can scrape together to survive this long downturn in international container shipping.
I don't subscribe to Lloyd's List, but this is the beginning of their article (the free part)
CMA CGM is seeking the cancellation of 15 small containerships as part of a much wider restructuring of its huge orderbook.
South Korean shipbuilders are now considering a series of proposals from the French line that is stepping up the pressure on yards to delay deliveries of the much bigger ships it has on order.
I'm not sure what they mean by "small containerships". The last vessel CMA CGM took delivery of was 13,300 TEUS. That is huge. I guess "small" is around 6000-8000 TEUS.
From The Journal of Commerce, Nov. 10, 2009
CMA CGM, facing economic troubles that threaten the carrier's financial stability, took delivery Tuesday of one of the world's largest container ships, a 13,300-TEU behemoth that will become the company's flagship.
The CMA CGM Christophe Colomb is an energy-efficient vessel coming in at 1,198 feet long, 168 feet wide, and with a draft of 51 feet, among the largest of a new generation of ships that were ordered in boom times and now are arriving amid steep decline in shipping demand.
I haven't seen any mention recently as to the demand by creditors that the Chairman resign.
Perhaps he got the message.