Thursday, April 15, 2021

Shipping: "CMA CGM Proposes $600M Plan to Rebuild Port of Beirut"

 From The Maritime Executive, April 14:

After a huge chemical explosion left Beirut's waterfront in tatters last year, France's CMA CGM has put forth a plan for restoring the port to its former glory.

Controlled by the French Saade family, which traces its roots to Lebanon, CMA CGM has been actively involved in the port rejuvenation program since August 2020, right after the mishap. The explosion flattened much of the port as well as a large segment of the city, killing more than 200 people and injuring thousands more. 

In September last year, CMA CGM outlined its plan of reconstructing the damaged docks to the Lebanese authority. Combined with port expansion and initialization plans, they estimated the total cost at $400 million to $600 million, according to Joe Dakkak, general manager for CMA CGM Lebanon.

CMA CGM says that they can run the port rehabilitation program, and complete it within three years. He added, "Our project is a realistic one because the situation is urgent. Our offer remains on the table.”

However, CMA CGM is not alone when it comes to framing potential port rehabilitation plans. German companies presented an independent multi-billion-dollar plan to rebuild Beirut’s port. Chinese shipping companies, as well as Dubai's DP World, have been eyeing the huge project too....



August 2020
French Shipping Major CMA CGM Returns to Normal Operations at Beirut Port
With all the connections between France and North Africa/the Levant - Syria you'd assume CMA CGM would get it done but this seems remarkably fast....

October 2020
"Lebanon spymaster holds ‘positive’ US talks on hostages and sharing intelligence"
It looks as though France might not be alone in its efforts to rescue Lebanon before it becomes another Somalia.

And with memories of the ammonium nitrate explosion still fresh, feelings toward Hezbollah—the assumed de facto owner of the stuff that goes boom—are as negative as they have been in years....