CMA CGM: "Save the three large European maritime shipping lines, and thus ensure the existence of maritime shipping in Europe."
Jacques Saadé, the chairman of the board of the shipping group CMA CGM, has appealed to the European Commission, national governments and banks to "save the three large European maritime shipping lines, and thus ensure the existence of maritime shipping in Europe." The founder and main shareholder of the third-largest European and worldwide shipping line criticised the European Commission's regulations - which he said are "adhered to religiously" by national governments - in a speech held at the "summer university" conference organised by the Mouvement des Entreprises de France (Medef), the French chamber of trade and industry.
Saadé claimed that "these regulations hurt the industry, by forbidding shippers to meet and discuss the market and their reactions to it, and they run counter to all common sense, as Chinese, South Korean and Asian operators in general are not hampered by such regulations. These players enjoy a degree of freedom which results in substantial disadvantages for Europeans."