Deals and M&As this week: Port of Bellingham, Fincantieri, CMA CGM Group

9 November 2018 (Last Updated November 9th, 2018 11:29)

Port of Bellingham and Ports America have signed a service contract to allow international cargo vessels to arrive at the Bellingham Shipping Terminal.

Port of Bellingham and Ports America have signed a service contract to allow international cargo vessels to arrive at the Bellingham Shipping Terminal.

The three-year contract also provides an option for two extensions by an additional three years each.

Ports America holds exclusive stevedoring rights for certain categories of steel and inbound international forest products, as well as metal/aluminium ingots, modules, as well as oversized and project cargoes at Bellingham Shipping Terminal.

The terminal will offer temporary storage for most of the inbound cargo before trucking it to their final destination in Canada.

Fincantieri has received a €700m ($799.5m) contract from Virgin Voyages for building a fourth cruise ship.

Based in Italy, Fincantieri is a shipbuilding company, while Virgin Voyages is a cruise line based in the US.

The vessel will have a gross weight of 110,000t and will offer 1,400 guest cabins. It is scheduled for delivery by the end of 2023.

Fincantieri is currently building three ships, which will become sister ships of the new vessel.

CMA CGM Group has acquired Containerships for an undisclosed amount.

Based in France, CMA CGM is a container transportation and shipping company, while Containerships is a transportation and logistics firm based in Finland.

“The transaction enables Wärtsilä to expand its presence in the underwater services field and offer better services to the customers in European shipping routes.”

The transaction enables CMA CGM to further strengthen its strategy of expanding the regional network.

The entire container logistics business of Container Finance, which includes Containerships, Multi-link Terminals and CD Holding, will be integrated with the CMA CGM’s intra-regional route covering Europe and the Mediterranean area.

Wärtsilä has completed the acquisition of Burriel Navarro for an undisclosed amount.

Based in Finland, Wärtsilä is a technology group, while Burriel Navarro is an operator of main ports of Spain with various underwater services portfolio, including inspection, repair, and hull cleaning.

The transaction enables Wärtsilä to expand its presence in the underwater services field and offer better services to the customers in European shipping routes.

Burriel Navarro will now become a part of Trident, a Wärtsilä company specialised in underwater ship maintenance, inspection, and repair services.