Paris (AFP)
The French group CMA CGM, world number three in container shipping, has obtained a loan of 1.05 billion euros guaranteed by the French state to cope with the economic consequences of the Covid-19 pandemic, according to an order published Wednesday in the Official Journal (OJ).
"The State guarantee is granted to (banking) establishments BNP Paribas, HSBC France and Société Générale" for a loan granted to CMA CGM and whose amount amounts to 1.05 billion euros, specifies the text of the order.
The pandemic of the new coronavirus, which paralyzes a large part of the world economy, weighs on the activity of maritime freight and the volumes transported, although the terminals of the ports served by CMA CGM remain "in activity" except exception, according to l 'company.
Sea freight had suffered a shock in February with the winding up of economic activity in China, the Covid-19 having led to a long shutdown of the country's factories, major logistical disruptions, and a marked drop in demand for materials premieres of the Asian giant.
"Container unloading is effective, including in Europe, where road transport companies are not affected by the containment measures put in place," nonetheless recently stated CMA CGM on its website.
Shortly after the confinement of the population in France and the compulsory closure of non-essential businesses in mid-March, the French government committed to guarantee up to 300 billion euros in business loans.
For large groups with more than 1.5 billion euros in turnover, these loans are 70% or 80% covered.
The device was inaugurated in mid-April by Fnac Darty who had obtained 500 million euros (70% guaranteed by the State) from several banks to help it pass the course of the Covid-19 epidemic.
The DIY brands Castorama and Brico Dépôt, brands of the Kingfisher group, have obtained a loan of 600 million euros guaranteed by the state, according to a decree published Tuesday.
© 2020 AFP