SINGAPORE and MARSEILLES, France — CMA CGM, an international container shipping company headquartered in Marseilles, has begun acquisition of Northern Orient Line, whose subsidiary and operating brand is American President Lines. NOL is publicly traded on the Singapore Stock Exchange.
APL announced its entry into the Asian market and the Mariana Islands in October. The APL Guam maiden voyage took the vessel to Saipan on Dec. 31 and Guam on Jan. 1, according to Journal files.
According to a Dec. 7 statement, the combined revenue of the two companies will be around $22 billion and offer 563 vessels. The regional headquarters will remain in Singapore, the statement said. CMA CGM is the world’s third largest shipping company, according to the statement. The transaction “will be financed by a combination of available cashing and bank financing provided by a syndicate of international banks,” the companies said. The offer by CMA is subject to regulatory approval “… which is expected in mid-2016,” according to the two companies.