APL will merge intra-Asia trades with CNC
CMA CGM’s APL unit will acquire the business of its sister company Cheng Lie Navigation (CNC) and merge the two lines’ intra-Asia businesses under the CNC brand.
Singapore-based APL operates 15 weekly intra-Asia services and CNC has another 50.
By combining the two, APL claims it will be able to offer “one of the most comprehensive networks in intra-Asia”.
“This strategic move will enable us to become the intra-Asia champion with the most comprehensive market connectivity in the Far East,” said APL chief executive Nicolas Sartini. “With complementary market footprints, the combined portfolio of services is set to shore-up our relevance in the economically thriving Asia through the CNC brand.”
The company had “ambitious volume targets and market development plans” for the intra-Asia trade, he added, hinting that further acquisitions could be possible.
“As the intra-Asia specialist, we will continue to customise our portfolio of services according to shippers’ demand and where the markets will shift tomorrow,” said Mr. Sartini.
CNC has a presence across Asia including Cambodia, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Myanmar, Philippines, Singapore, Taiwan, Thailand, and Vietnam.