CMA CGM becomes Brittany Ferries shareholder

March 17, 2023

CMA CGM, the world’s 3rd largest container shipping company is now a 12% shareholder in Brittany Ferries.  CMA CGM released a statement saying;

“By becoming a shareholder, the CMA CGM Group is renewing its confidence in Brittany Ferries, the leading ferry operator under the French flag. This investment is in line with the Group’s strategy to help maintain the industrial base in strategic transport sectors in France.”

In September 2021, CMA CGM had invested €25 million in Brittany Ferries in the form of €10 million in convertible bonds and a loan of €15 million euro.  These will now be converted to shares in the company.

At the same time in 2021, the two companies entered into a “commercial partnership” with CMA CGM using cargo space aboard Brittany Ferries’ fleet.

In an interview with Le Figaro, Brittany Ferries President Jean-Marc Roué stated that the strengthening of the company’s equity will help prepare for the future.  This includes exercising the purchase options on the five Eflexer vessels chartered (or due to be chartered) from Stena RoRo.  The purchase options are in the period 2026 to 2030.

Brittany Ferries is also seeking a further EUR 15 million in capital and is discussing with potential stakeholders.

The traditional shareholders are said to remain in control of over 80% of the company.  According to the 2021 Rapport d’activité, the shareholding of Brittany Ferries was Agricultural Interests 83.74%,  CCI Bretonnes 12.3 % (Chambers of Commerce) and Others 4.23%.

Photo: Brittany Ferries