French tax on shipping would cost CMA CGM 800 million euros, CFO tells Les Echos

MARSEILLE : An exceptional tax on shipping proposed by the French government in a belt-tightening budget would cost CMA CGM about 800 million euros ($875 million) over two years that it would not able to invest in its fleet, the group’s finance chief told Les Echos.

The levy represented a “competitive disadvantage” for CMA CGM, the world’s third-largest container shipping line, Chief Financial Officer Ramon Fernandez told the business daily in an article published on Friday, adding that the levy should be limited in duration.

Source : Reuters