CMA CGM looks for offloading terminal assets of newly acquired shipping company Neptune Orient Lines (NOL). The French shipping operator looks for quick cash flows by listing for sale of the US West Coast terminals Los Angeles and Dutch Harbor, Japanese terminals Kobe and Yokohama, as well as Taiwanese terminals in Kaohsiung. Moreover, Neptune Orient Lines operate several terminals in Vietnam, Thailand, China and the Netherlands through joint-ventures with local companies. The total cash, which CMA CGM seeks from the deal is up to 1 billion USD, which will be invested in reducing the current dept and restructuring of the NOL’s business. The first round of bids are scheduled for next month, but with releasing additional details.

“CMA CGM intends to deleverage its balance sheet within 18 to 24 months through synergies and assets sales for an amount of at least USD 1 billion, with the aim to reduce debt gearing ratio to below 0.8 times”, said the official statement of CMA CGM in relation with NOL acquisition.

CMA CGM assumed control of NOL in June 2016. The Singaporean company is number 12 in the world for container shipping, renowned for its APL brand, present in more than 80 countries and employing around 7,000 people.