CMA CGM sells passenger arm of Moroccan subsidiary

French container group CMA CGM has reportedly sold off part of its Moroccan subsidiary, Comanav to a local Moroccan ferry operator, Comarit.

A mere 20 months after CMA CGM first acquired Comanav for US$272 million, it has now sold off the passenger arm of the company for US$102.6 million. Included in the sale were five ferries which operate services in Morocco, Italy and Spain. CMA CGM said it decided to sell the passenger arm so as to concentrate on developing the freight activities of Comanav.

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