Coronavirus: French shipowner CMA CGM obtains a loan guaranteed by the State

The “White Shark”, one of the 502 container ships of the CMA CGM, the French group based in Marseille, enters the port of Miami on May 16, 2019. JOE RAEDLE / GETTY IMAGES NORTH AMERICA via AFP

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The list of large French companies benefiting from state support to face the coronavirus crisis is growing. CMA CGM, the world's number three container shipping company, has announced that it has obtained a large government-guaranteed loan from three banks. 

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CMA CGM obtained a loan of 1.05 billion euros from the banks BNP Paris Bas, HSBC and Société Générale. This loan is guaranteed by the State up to 70%.

The French shipowner thus benefits from the system put in place at the end of March by the government to help French companies cope with the crisis caused by the coronavirus.

This system has so far been widely followed: more than 395,000 companies, including large groups such as Air France , Renault and Fnac-Darty, have been able to obtain loans thanks to State support.

► Read also: Coronavirus: the French State to the rescue of large public companies

The French shipowner CMA CGM, too, is facing difficulties related to the Covid-19. The pandemic has slowed down the economic activity of the planet, which penalizes sea freight. Indeed, according to the UN, world trade in goods is expected to fall by more than 26% in the second quarter of this year. And 90% of this trade is provided by sea transport.

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