The lawsuit against DSV, in which the Danish forwarder is potentially on the hook along for several billions of dollars in damages, has taken an interesting twist.
(Our previous coverage is here, background; and here)
A quick recap
Last year, North American Sugar Industries filed a lawsuit claiming that DSV (now DSV Panalpina), along with BBC Chartering, had used a port it had owned in Cuba, but which was expropriated by the Cuban government …
The CMA CGM headline story is there for all to see, but then right underneath its 2019 ebit line, the full damage of years spent looking at shuffling its asset base, often using debt to propel strategy is unmissable: core ebit of $1.13bn, interest expenses of $1.39bn.
This means: look, we are operationally sound but on a wing and a prayer financially. But do those audited numbers do justice to the grand …
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CMA CGM has posted a net loss of $229m for 2019 – this compares with a profit of $34m the year before.
The French transport group’s result was dragged down by the $329m negative impact of new accounting rules on vessel time charters and a $140m loss by Ceva Logistics.
However, CMA CGM remains bullish about its liner trade outlook and its ability to turn around the loss-making logistics arm, despite the adverse …
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“After an initial transitional phase of reorganisation, which made it possible to deploy new processes and define an ambitious strategy for a return to profitability, Ceva Logistics is implementing its second phase of development. This business plan is based on several strategic axes: development of new products, development of the network in Africa and South-East Asia, digitalisation plan, investment in IT tools particularly in Freight Management.” – Ceva Logistics, 15 January …
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Let’s set the record straight: Ceva Logistics hasn’t healed and it will take years before it shines, if it ever does.
Yet the bears who insist the business is doomed – there are a few of them out there – and that losses are structural may well want to pay a bit more attention to its numbers and underlying financial trends, if they are confirmed through to 2020.
Is the 3PL problematic? …
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What Ceva Logistics is up to is crystal clear from its interim financials released on Monday, which were unusually good in the right spots, given its latest performance standards before joining the CMA CGM family this year.
In fact, not only does its restructuring continue but it is actually accelerating, indicated by the numbers and confirming insiders’ talk of a major effort aimed at rendering Ceva a leaner 3PL going forward after …
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Some changes have been announced internally at Ceva Logistics, which testifies to a willingness to speed up its current restructuring as part of the new CMA CGM family and ahead of its de-listing, which is imminent.
Here are the details that have emerged in the past few hours, shared by our sources.
Global head of ocean freight
“Stéphane Gautrais joins Ceva as of 22 November, 2019 taking over the role of global head …
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New Zealand isn’t only the bookies’ favourite in the 2019 Rugby Union World Cup that starts today in Japan. By pure coincidence, for supply chain junkies like us, the Kiwi islands are also a place where signs are plentiful that the CMA CGM stress crisis is “finally” being tackled.
In my banking and trade circles alike, bears and bulls are not far apart when it comes to assessing the liquidity risk associated to …
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For those wondering how Ceva’s new shipping line shareholder, CMA CGM, will impact its offering, some light was shed in its first-half results presentation.
Cross-selling will “accelerate Ceva’s transformation”, as will strengthening key account relations and increasing “share of wallet”, said the company.
Ceva also plans to add more SME customers, develop value-add segments such as cold chain logistics and LCL, as well as put more focus on e-commerce and retail and …
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CMA CGM is now fully in control of Ceva, holding more than 98%, and is filing a claim to cancel any outstanding shares.
Following yesterday’s AGM, Ceva announced management changes that will see chief executive Xaiver Urabin, who has turned around the business, become executive advisor to the new chairman, CMA CGM’s Rodolphe Saadé.
Ceva’s new CEO will be group chief operating officer Nicolas Sartini, while Apollo-appointed Marvin Schlanger, who had a brief period as chief executive and...
https://theloadstar.com/the-new-cevas-performance-is-on-target-as-cma-cgm-takes-full-control/