Supply Chain Research

Credit ratings company S&P has improved its rating for CMA-CGM to B+ from B with a “stable” outlook. It cites an improved financial outlook with volumes rising 7% to 8% in 2018, though container-rates are expected to be flat-or-falling. Among the container-lines Hapag-Lloyd also recently saw an improved rating (from Moody’s) ahead of its capital increase, though Maersk remains under a cloud while it completes its restructuring. CMA-CGM’s gearing (debt vs. debt plus equity) is above the sector average at 63% vs. 51% in the second quarter of 2017. That’s likely driving its consolidation st...