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Mysterious sale of CMA CGM boxship
Thursday, 28 January 2010 09:35

Mystery surrounds the sale of a Hanjin-built 6,500TEU vessel which was ordered by France’s CMA CGM.

According to Asiasis, the deal has been “shrouded in mystery; precise details of the transaction, including the identity of the new owner are hard to ascertain.”

The Korean publication reported that top executives from the French shipping line had arrived in Seoul to conduct meetings with Hanjin Heavy Industries after it sold the vessel to another buyer.

The ‘CMA CGM Kessel’, which has since been re-named, was reportedly sold for as little as US$41 million. The original price of the vessel was US$99 million. CMA CGM reportedly made a down payment of 50 percent of the newbuilding price, and this is said to have been forfeited.

CMA CGM took delivery of the ‘CMA CGM Corneille’ but was unable to raise funds for pay the outstanding amounts due for three other containership which were completed in 2009.

Asiasis reported that Greece’s George Economou was the likely purchaser of the vessel in question, though the deal was supposedly done in a “private capacity” and did not involve Mr Economou’s company, DryShips.