Shipping giant purchases Moroccan company
Privatisation of Comanav completed with CMA CGM purchase.
CMA CGM has officially acquired Moroccan maritime shipping company Comanav following publication of the privatization order signed by Prime Minister Driss Jettou.
The company was officially transferred today in a ceremony held in Rabat led by Fathallah Oualalou, Finance and Privatization Minister, along with Jacques R. Saadé, Chairman of CMA CGM.
Created in 1946, Comanav is Morocco’s leader in transporting freight and passengers and managing port operations.
Comanav has developed strong market positions in each of its three main sectors of activity:
1) Maritime transport of goods with regularly scheduled services provided by a fleet of vessels deployed in the Atlantic and Mediterranean, mainly for container, ro/ro and conventional cargo;
2) Port activities through its presence at the Tanger-Med terminal and as part of Somaport, which operates two terminals in the port of Casablanca;
3) Passenger transport with five lines operating between Morocco and Europe, and a fleet of nine car ferries. With annual traffic totaling 800,000 passengers, Comanav is Morocco’s undisputed leader in passenger transport.
This transaction will enable CMA CGM to strengthen its position in shipping lines and port activities in Morocco. With the acquisition of a company in this region, CMA CGM gains a geographic advantage, putting it in a position to offer CMA CGM and Comanav customers more comprehensive cargo services between Morocco and Europe and enhanced passenger services on the Mediterranean.
CMA CGM has been present in Morocco for over 20 years and operates five weekly container shipping services from/to ports in North Europe (Le Havre, Antwerp, Rouen, Dunkirk and Rotterdam), the Mediterranean (Marseilles, Malta) and the ports of Agadir, Casablanca and Tangier.
The Group has also invested in port operations in Casablanca and Tangier.
CMA CGM, a global container shipping company, plans to capitalize on the natural synergy between both companies to develop its network of services and shipping volume to Morocco.