CMA CGM will take a 9% stake in the airline, with their partnership creating a fleet of 10 full-freighter aircraft
KLM airplanes are seen parked at Schiphol Airport in Amsterdam, Netherlands April 2 2020. Picture: REUTERS/PIROSCHKA VAN DE WOUW
It will make CMA CGM the fourth-biggest shareholder, according to Refinitiv data, and mirrors a similar initiative planned by shipping company MSC, which has teamed up with Germany’s Lufthansa on a potential bid for Italian airline ITA Airways. Surging profits for ocean shipping, linked to high freight rates since the Covid-19 pandemic, have allowed CMA CGM and other shippers to invest in other forms of transport to add resilience to global supply chains and protect against a downturn.
ING analysts welcomed the deal, which will help the French carrier capitalise on a part of the business that was not very profitable before the pandemic. Combining forces with CMA gives it “material” market share, they said in a note. The separate networks of Air France, KLM and Martinair — a subsidiary of the group — rank the group about eighth in the global league table of cargo airlines by traffic, according to International Air Transport Association statistics.
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