French shipping and logistics company CMA CGM is to invest €25 million in Brittany Ferries, including €10 million in quasi-equity, as part of a commercial partnership aimed at supporting the ferry company’s post-COVID-19 recovery.
Announced during this week’s Assises de l’économie de la mer event in Nice, the partnership is expected to help to unlock synergies between the two companies in passenger and freight transport and will also help promote the development of cross-Channel shipping.
The agreement establishes a commercial partnership between the CMA CGM Group and Brittany Ferries through the use of available cargo space on board Brittany Ferries’ services to the United Kingdom, Ireland and the Iberian Peninsula.
The partnership will also enable the companies to share knowledge in relation to LNG-fuelled shipping. As previously reported, CMA CGM is one of the most prominent proponents of LNG as a marine fuel. In November 2017, CMA CGM Group’s Chairman and CEO announced that the company would equip the series of container ships with LNG-powered engines – a first in the history of shipping for Ultra Large Container Vessels.
Meanwhile, two new LNG-powered ships - Salamanca and Santoña - are due to join Brittany Ferries’ fleet next year and in 2023. The new Ro-pax vessels will operate services between the United Kingdom and Spain